SOLUTION: How long will it take P dollars to triple itself at 6%simple interest?

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Question 781380: How long will it take P dollars to triple itself at 6%simple interest?
Answer by fcabanski(1391) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for Maturity Value (Principal plus interest) for simple interest is M = P(1+rt). In this case, M=3P - we want to triple our original investment.


3P=P(1+.06t)


3 = 1+.06t


3-1 = .06t = 2


t = 2/.06 = 33.333.... = 33 and 1/3 years.