SOLUTION: How long will it take money to triple if it is invested at the following​ rates? ​(A) 5.7​% compounded monthly ​(B) 12​% compounded monthly

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Question 1083409: How long will it take money to triple if it is invested at the following​ rates?
​(A) 5.7​% compounded monthly
​(B) 12​% compounded monthly
Answer by math_helper(2461) About Me  (Show Source):
You can put this solution on YOUR website!
+F+=+P+%2A+%281%2Br%2Fn%29%5E%28nt%29+
where:
F=future value
P=present value
r=rate (as a decimal)
n=number of compounding periods per year
t=number of years
————
(A): +3P+=+P%2A%281%2B0.057%2F12%29%5E%2812%28t%29%29+
+3+=+1.00475%5E%2812t%29+
+ln%283%29+=+12t%2A%28ln%281.00475%29%29+
+ln%283%29%2F%2812%2Aln%281.00475%29%29+=+t+
++t+=+19.3196+ years —> +highlight%2819%29+ years and +highlight%283.836%29+ months.
—
(B): +3P+=+P%2A%281%2B+0.12%2F12%29%5E%2812%28t%29%29+
++3+=+1.01%5E%2812t%29+
++t+=+ln%283%29%2F%2812%2Aln%281.01%29%29+=+9.201+ years —> +highlight%289%29+ years and +highlight%282.41%29+ months