Question

A college studen invests $11,000 in an account paying 8% per year compounded annually. In how many years will the amount quadruple?

Answer 1

11,000(1+.08)^t = 33,000

solve for t

Answer 2

I don't understand how to solve for t when it's up in a power?

Answer 3

5 years

Answer 4

I got 14 years...

Answer 5

how?

Answer 6

Well, this is what I did.
11000(1.08)^t=33000.
3=(1.08)^t
log3=log(1.08)
t=log(3)/log(1.08)
t=14.274

Answer 7

Aha I might be wrong but I got 7.53 years.

Answer 8

How'd you get 7.53?!