If you put $2,000 into an interest bearing account, where interest is compounded quarterly (4 times a year) at 6%, how long will it take for your money to triple?

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Applying log both sides

step-by-step explanation:

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