For this case we have the following equation:
P (t) = P * (1 + r / n) ^ (n * t)
Where,
P: initial investment
r: interest rate
n: periods
Substituting values:
3 * 2500 = 2500 * (1 + 0.06 / 4) ^ (4 * t)
Rewriting:
3 = (1,015) ^ (4 * t)
Clearing t:
log1.015 (3) = log1.015 ((1.015) ^ (4 * t))
4 * t = log1.015 (3)
t = (1/4) * log1.015 (3)
t = 18.45 years
Answer:
the money will need to be invested 18.45 years for that amount to triple
