How do you calculate t in the following example using logs?

An investment of $10000 at the rate of 8% pa, compounded quarterly, how long will it take to reach $14800?

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- March 12th 2013, 07:40 PMelmidgeCompound Interest
How do you calculate t in the following example using logs?

An investment of $10000 at the rate of 8% pa, compounded quarterly, how long will it take to reach $14800? - March 12th 2013, 08:08 PMzhandeleRe: Compound Interest
Well, 8% per annum is equal to 2% per quarter, I think. So every quarter you're multiplying your balance on hand by 1.02. You just have to figure out how many times you need to repeat that multiplication. See the pdf.

I just asked my computer to do the last step. Aren't you glad we don't have to look up logs in tables and interpolate them, like our parents did?

Gold Coast? I think there's a place in Australia by that name. - March 12th 2013, 09:11 PMShakarriRe: Compound Interest