document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=981622>Question 981622</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tripling Money How long does it take for money to triple in an account paying 5% interest compounded annually?<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #602595 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=602595\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Tripling Money How long does it take for money to triple in an account paying 5% interest compounded annually?<BR>\n" );
document.write( "----<BR>\n" );
document.write( "Formula:: A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "Tripling means P becomes 3P<BR>\n" );
document.write( "------<BR>\n" );
document.write( "Solve:<BR>\n" );
document.write( "3P = P(1+(0.05/1))^(1*t)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "(1.05)^t = 3<BR>\n" );
document.write( "----<BR>\n" );
document.write( "t = log(3)/log(1.05)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "t = 22.52 years<BR>\n" );
document.write( "--------------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "----------------- </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );