Question 477196: If $7000 is invested at an interest rate of 6.5% per year, compounded monthly, how long will it take for the investment to triple in value? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! 3 = (1 + 0.065/12)^n (n = # of months)
log(3) = n*log(1 + 0.065/12)
n = log(3)/log(1 + 0.065/12)
n =~ 203.37 months
--> 17 years to be 3x, the amount doesn't matter.
