The funny thing, CTD,

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Thank you for correcting your fellow evolutionist. I suppose it's only fair to allow him time to spot & correct some of the mistakes in your post.
is that you also can find this definition:

http://en.wikipedia.org/wiki/Halflife
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The half-life of a quantity whose value decreases with time is the interval required for the quantity to decay to half of its initial value.
And from this you would extrapolate a quarter-life to be the interval required for the quantity to decay to 1/4 of it's initial value. Perhaps the reason that half-life is used is that it works both ways with the same numbers, so you don't end up with confusion of which 1/4 you are talking about.

Curiously, it doesn't matter whether you define it as 1/4 or 3/4, as:

(1) you are still most emphatically, absolutely wrong, and

(2) you still end up with the same decay curve.
Nt = No(e^-λt)

λ is a constant, not dependent on time.

Many things in nature follow this pattern.

Enjoy.