How long will P2.5M amounts to P4.5M at 8% compounded quarterly?

Problem
By the conditions of a will, the sum of P2.5M is left to a girl to be held in a trust fund by her guardian until it amounts to P4.5M. When will the girl receive the money if the fund is invested at 8% compounded quarterly?

A.   7 years C.   7.42 years
B.   6.8 years D.   7.25 years

 

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