Question 982169: How long will it take for an investment to triple if it is compounded continuously at 4%? Round to two decimal places as needed. Answer by Cromlix(4381) (Show Source):
You can put this solution on YOUR website! Hi there,
I assume you are compounding yearly
100% + 4%= 104%
104% = 104/100 = 1.04
Using a principal sum of 10
10 x 1.04^x = 30
1.04^x = 30/10
1.04^x = 3
x log1.04 = log3
x = log3/log1.04
x = 28.01 (2 decimal places)
Hope this helps:-)
