SOLUTION: An investment earns 2.25% per annum compounded daily. How many years would be required for an investment to triple in value? Assume all years have 365 days. I am struggling to g

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Question 915546: An investment earns 2.25% per annum compounded daily. How many years would be required for an investment to triple in value? Assume all years have 365 days.
I am struggling to grasp this one... please explain and show work!
Thanks so much for the help!
Answer by reviewermath(1029) About Me  (Show Source):
You can put this solution on YOUR website!
An investment earns 2.25% per annum compounded daily. How many years would be required for an investment to triple in value? Assume all years have 365 days.
Let x = number of years required
%281+%2B+0.0225%2F365%29%5E%28365x%29 = 3
Get the natural logarithm of both sides.
(365x)*ln(1 + 0.0225/365) = ln(3)
x = ln(3)/(365*ln(1 + 0.0225/365))
x = highlight%2848.8287%29 years