document.write( "Question 1060860: For how many months do you need to invest your money into a bank account earning an annual interest rate of 11.94% compounded monthly if you want to triple your investment? \n" ); document.write( "

Algebra.Com's Answer #675732 by jorel555(1290) $\"\"$ $\"About$

You can put this solution on YOUR website!
As a general formula, compound interest can be calculated at A=P(1+r/n)^nt, where A is the total amount yielded, P is the amount deposited, r is the annual interest rate, n is the amount of compounding periods per year, and t is the number of years to maturity. In this case, we have 11.94% annual interest compounded monthly; our principal is 1, and our total amount is 3. So:
\n" ); document.write( "3=(1+.1194/12)^12t
\n" ); document.write( "3=(1.00995)^12t
\n" ); document.write( "The answer seems to be around 111 compounding periods, or about 9-1/4 years. ☺☺☺☺ \n" ); document.write( "

\n" );