SOLUTION: The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum compounded annually. What was the amount in the fund at the end of 3 years? How long will it take

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Question 1128047: The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum
compounded annually. What was the amount in the fund at the end of 3 years?
How long will it take money to triple itself if invested at 8% compounded annually?
please help me Im really bad at word problems
i used the formula f = P(1 + i/12)^2n for compounded annually but the answer is diffrent from what i expected.
Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52782) About Me  (Show Source):
You can put this solution on YOUR website!
.
1.   What was the amount in the fund at the end of 3 years? 

    F = 26000%2A%281%2B0.08%29%5E3 = 26000%2A1.08%5E3.


2.   How long will it take money to triple itself if invested at 8% compounded annually? 

    3*26000 = 26000%2A1.08%5En  ====>


    3 = 1.08%5En


    log(3) = n*log(1.08)


    n = log%28%283%29%29%2Flog%28%281.08%29%29 = 0.477%2F0.0334 = 14.27 years.


    Answer.  15 years is enough.


Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum
compounded annually. What was the amount in the fund at the end of 3 years?
How long will it take money to triple itself if invested at 8% compounded annually?
please help me Im really bad at word problems
i used the formula f = P(1 + i/12)^2n for compounded annually but the answer is diffrent from what i expected.
Formula is WRONG. That's why your answer is WRONG!