document.write( "Question 1160928: Find the time required for an investment to triple in value if invested in an account paying 4% compounded monthly.
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Algebra.Com's Answer #784342 by greenestamps(13200)![]() ![]() You can put this solution on YOUR website! \n" ); document.write( "Annual interest rate: 4% \n" ); document.write( "Monthly interest rate: (4/12)% \n" ); document.write( "Monthly growth factor: 1+(4/12)% = 1+1/300 = 301/300 \n" ); document.write( "If n is the number of months, then you need to find the exponent n for which \n" ); document.write( " \n" ); document.write( "Use logarithms, or a graphing utility like a graphing calculator.... \n" ); document.write( "(My calculations show a bit over 330 months) \n" ); document.write( " \n" ); document.write( " |