SOLUTION: . How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously?
Algebra ->
Finance
-> SOLUTION: . How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously?
Log On
Question 1072608: . How long will it take for a sum of money to triple in value if invested at an annual rate of 3% compounded continuously? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n be the initial amount. Then 3n would be:
3=e^.03t(where t is the time)
So:
log 3=log e^.03t
log 3=.03t(log e)
t=log 3/.03 log e
t=36.62 years before the money triples. ☺☺☺☺
