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 1185824: 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 ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously?
:
Assume initial amt is 1, resulting amt is 3
= 3
using nat logs, nat log of e is 1
.03t = ln(3)
t =
t = 36.62 years
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