SOLUTION: The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum compounded annually. What was the amount in the fund at the end of 3 years? How long will it take

Question 1128047: The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum
compounded annually. What was the amount in the fund at the end of 3 years?
How long will it take money to triple itself if invested at 8% compounded annually?
please help me Im really bad at word problems
i used the formula f = P(1 + i/12)^2n for compounded annually but the answer is diffrent from what i expected.
Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52784)   (Show Source): You can put this solution on YOUR website!
.
1.   What was the amount in the fund at the end of 3 years?

F = = .

2.   How long will it take money to triple itself if invested at 8% compounded annually?

3*26000 = ====> 3 = log(3) = n*log(1.08) n = = = 14.27 years. Answer. 15 years is enough.

Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum
compounded annually. What was the amount in the fund at the end of 3 years?
How long will it take money to triple itself if invested at 8% compounded annually?
please help me Im really bad at word problems
i used the formula f = P(1 + i/12)^2n for compounded annually but the answer is diffrent from what i expected.

Formula is WRONG. That's why your answer is WRONG!
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