A certain investment grows at an annual interest rate of 8%, compounded quarterly. Which of the following equations can be solved to find the number of years, x, that it would take for the investment to increase by a factor of 16?
A) 16 = (1.02)^x/4
B) 2 = (1.02)^x
C) 16 = (1.08)^4x
D) 2 = (1.02)^x/4
E) 1/16 = (1.02)^4x
[spoiler]OA: B.... Is there a way to approach this problem without manipulating the Compound interest formula?[/spoiler]
A) 16 = (1.02)^x/4
B) 2 = (1.02)^x
C) 16 = (1.08)^4x
D) 2 = (1.02)^x/4
E) 1/16 = (1.02)^4x
[spoiler]OA: B.... Is there a way to approach this problem without manipulating the Compound interest formula?[/spoiler]
