# SOLUTION: How long will it take for any amount of money to triple if invested at 6% annual interest and compounded quarterly and compounded monthly

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 Click here to see ALL problems on Money Word Problems Question 536426: How long will it take for any amount of money to triple if invested at 6% annual interest and compounded quarterly and compounded monthlyAnswer by mananth(12270)   (Show Source): You can put this solution on YOUR website!Either you can take x as the principal Or %100 I take \$100 Principal P = 100 Amount= 300 years=n compounded (t) 4 Rate = 6 0.02 Amount = P*((n+r)/n)^n 300 = 100 *( 1 + 0.02 )^ n*t 3 = *( 1 + 0.02 )^ n* 4 ln 3 = 4 n *ln 1.02 1.1 = 4 0.01 *n 18.45 = n 18.45 years ----------------- Monthly Principal P = 100 Amount= 300 years=n compounded (t) 12 Rate = 6 0.01 Amount = P*((n+r)/n)^n 300 = 100 *( 1 + 0.01 )^ n*t 3 = *( 1 + 0.01 )^ n* 12 ln 3 = 12 n *ln 1.01 1.1 = 12 0 *n 18.36 = n m.ananth@hotmail.ca