SOLUTION: at an effective annual rate of 20%, how many years will be required to triple my initial investment to the nearest year?

Question 523305: at an effective annual rate of 20%, how many years will be required to triple my initial investment to the nearest year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
at an effective annual rate of 20%, how many years will be required to triple my initial investment to the nearest year?
----
A(t) = P(1 + (effective annual rate))^t
----
3P = P(1+0.20)^t
---
1.2^t = 3
---
t*log(1.2) = log(3)
t = log(3)?log(1.2)
t = 6.0257 years
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Cheers,
Stan H.
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