SOLUTION: if 6000 dollars is placed into an account with an annual interest rate of 3%,how long will it take the amount to triple if the interest is compounded annually?

Question 619038: if 6000 dollars is placed into an account with an annual interest rate of 3%,how long will it take the amount to triple if the interest is compounded annually?
Found 2 solutions by ewatrrr, unlockmath:
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

Hi,
In General
A = Accumulated Amount
P= principal = 6000
r= annual rate = .03
n= periods per year = 1
t= years =

log3/log(1.03) = t
Answer by unlockmath(1688) (Show Source): You can put this solution on YOUR website!
Hello,
Plug this [log3/log(1.03) = t] into your scientific Calculator to get:
t=37.2 years (approx)
Got it?
RJ
www.math-unlock.com
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