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? Choose the most appropriate option
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)
Now we can take the fourth root of both sides of the equation. (i.e.the equivalent of taking the square root twice) We will only consider the positive root because a negative 2 doesn't make sense here.   161/4 = [(1.02)^(4x)]^(1/4)   2 = (1.02)^x   The correct answer is 2 = 1.02^x."
<result>B</result>
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?