SOLUTION: How long will it take P dollars to triple itself at 14% simple interest?

Question 350131: How long will it take P dollars to triple itself at 14% simple interest?
Found 2 solutions by josmiceli, ewatrrr:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
I will say that is the number of years for
dollars to triple at an annual rate of 14%

This is about 14 yrs and 3 1/2 months

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Hi,
Note: The formula for finding simple interest is: Interest = Principal * Rate * Time.
Let t represent the time it would take to triple the Principal P
.
I = P*r*t
.
In this case, we want the interest acculmulated to be 2P so as to triple the investment.
(2*P}= P*.14*t
2P = P*.14*t
t = (2P/( P*.14)
t = (2 /.14)
.
t = 14.285
.
check your answer
2P = P*(.14)*(14.285)
2 =(.14)*(14.285)
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