SOLUTION: Find the time required for an investment to triple in value if invested in an account paying 4% compounded monthly.

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Question 1160928: Find the time required for an investment to triple in value if invested in an account paying 4% compounded monthly.

Found 2 solutions by greenestamps, ikleyn:
Answer by greenestamps(13200)   (Show Source):
You can put this solution on YOUR website!

Annual interest rate: 4%
Monthly interest rate: (4/12)%
Monthly growth factor: 1+(4/12)% = 1+1/300 = 301/300

If n is the number of months, then you need to find the exponent n for which

Use logarithms, or a graphing utility like a graphing calculator....

(My calculations show a bit over 330 months)

Answer by ikleyn(52788)   (Show Source):
You can put this solution on YOUR website!
.

Such problems were solved at this forum hundreds times; they are typical problems.

To have a permanent link, I created a lesson explaining how to solve them.

This lesson is
    - Problems on discretely compounded accounts
in this site.

Read it and learn the subject once and for all.