SOLUTION: how long will it take money to triple invested at 7.8% compounded weekly
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Question 598432: how long will it take money to triple invested at 7.8% compounded weekly
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
how long will it take money to triple invested at 7.8% compounded weekly
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compound interest formula:
A=P(1+r)^t, P=initial investment, r=interest rate per period, t=number of periods, A=amount after t periods.
..
For given problem:
A/P=3
r=.078/52=.0015
t=number of weeks
..
A=P(1+r)^t
A/P=(1+.0015)^t
3=(1.0015)^t
take log of both sides
log(3)=t*log(1.0015)
log(3)/log(1.0015)=t
using log key on calculator
t≈733 weeks or 14 years
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