document.write( "Question 477196: If $7000 is invested at an interest rate of 6.5% per year, compounded monthly, how long will it take for the investment to triple in value? \n" ); document.write( "

Algebra.Com's Answer #327106 by Alan3354(69443) $\"\"$ $\"About$

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3 = (1 + 0.065/12)^n (n = # of months)
\n" ); document.write( "log(3) = n*log(1 + 0.065/12)
\n" ); document.write( "n = log(3)/log(1 + 0.065/12)
\n" ); document.write( "n =~ 203.37 months
\n" ); document.write( "--> 17 years to be 3x, the amount doesn't matter.
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