SOLUTION: Tripling Money How long does it take for money to triple in an account paying 5% interest compounded annually?

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Question 981622: Tripling Money How long does it take for money to triple in an account paying 5% interest compounded annually?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Tripling Money How long does it take for money to triple in an account paying 5% interest compounded annually?
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Formula:: A(t) = P(1+(r/n))^(nt)
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Tripling means P becomes 3P
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Solve:
3P = P(1+(0.05/1))^(1*t)
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(1.05)^t = 3
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t = log(3)/log(1.05)
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t = 22.52 years
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Cheers,
Stan H.
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