How long does it take $1125 to triple if it is invested at 7% interest, compounded quarterly?

Question

anonymous · Answer

I don't even know how to set this up.

anonymous · Answer

Rather, I don't know how to solve it.  3375 = 1125(1+.07/4)^94/t), and solve for t.  How do I solve for t?

anonymous · Answer

$$1125(2)=2250$$
So that's the money that will be accumulated after years. 
$$A=P(1+r/n)^(nt)$$ is the formula and 
a is money accumulated
p is principal
r is annual rate
n is number of time intrest is compounded each year
t is number of years. So $$2250=1125(1+0.07/4)^(4t)$$
$$2=(1+0.07/4)^(4t)$$
$$2=1.0175^(4t)$$

Then can you do it yourself from this point on? Try this if it works out!