SOLUTION: Approximately how long will it take for your money to triple if it is invested at 4.5% compounded continously?
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Question 321884: Approximately how long will it take for your money to triple if it is invested at 4.5% compounded continously?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Approximately how long will it take for your money to triple if it is invested at 4.5% compounded continously?
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A(t) = P*e^(rt)
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3P = P*e^(0.045t)
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e^(0.045t) = 3
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Take the natural log of both sides to to get:
0.045t = ln(3)
t = ln(3)/0.045
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t = 24.41 years
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Cheers,
Stan H.
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