SOLUTION: . How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously?
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Question 1072608: . How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously?
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n be the initial amount. Then 3n would be:
3=e^.03t(where t is the time)
So:
log 3=log e^.03t
log 3=.03t(log e)
t=log 3/.03 log e
t=36.62 years before the money triples. ☺☺☺☺
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