document.write( "Question 776078: Determine how much time is required for an investment to triple in value if interest is earned at the rate of 5.75% compounded annually \n" ); document.write( "
Algebra.Com's Answer #473372 by DrBeeee(684)\"\" \"About 
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The formula is
\n" ); document.write( "(1) B = P*(1+r)^n
\n" ); document.write( "What we need here is to determine n to make factor,
\n" ); document.write( "(2) (1+r)^n = 3 when r = 5.75% or
\n" ); document.write( "(3) (1+0.0575)^n = 3 or
\n" ); document.write( "(4) (1.0575)^n = 3
\n" ); document.write( "To solve for we need to use logarithms. Take the natural (or LOG) of each side to get
\n" ); document.write( "(5) ln((1.0575)^n) = ln(3) or
\n" ); document.write( "(6) n*ln(1.0575) = ln(3) or
\n" ); document.write( "(7) n = ln(3)/ln(1.0575)
\n" ); document.write( "Use your scientific calculator to get
\n" ); document.write( "(8) n = 1.0986../0.055907.. or
\n" ); document.write( "(9) n = 19.65..
\n" ); document.write( "Let's check this using (4).
\n" ); document.write( "Is ((1.0575)^19.65 = 3)?
\n" ); document.write( "Is (2.9999... = 3)? Yes
\n" ); document.write( "Answer: The investment will triple in about 19y 7m 24d 4h, when the compounded interest rate is 5.75%.\r
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