SOLUTION: If $8,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually?
please help me
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Question 754779: If $8,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually?
please help me
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If $8,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually?
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A(t)=P(1+(r/n))^(nt)
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Solve:
(1+(0.06/1))^(1*t) = 3
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(1.06)^t = 3
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t = log(3)/log(1.06)
t = 18.85 years
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Cheers,
Stan H.
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