SOLUTION: Approximately how long would it take an investment that is compounded annually to triple at an interest rate of 6%?
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Question 1102939: Approximately how long would it take an investment that is compounded annually to triple at an interest rate of 6%? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! Approximately how long would it take an investment that is compounded annually to triple at an interest rate of 6%?
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FV = PV*1.06^t (t in years)
3PV = PV*1.06^t
1.06^t = 3
t*ln(1.06) = ln(3)
t = ln(3)/ln(1.06)
t =~ 18.85 years
