Question 760623
Note: the initial amount invested has NO affect on the answer. You can change 2711 to any number you want and the answer will be the same.


A = Pe^(r*t)


3P = Pe^(r*t)


3P = Pe^(r*53)


3P/P = Pe^(r*53)/P


3 = e^(r*53)


ln(3) = ln(e^(r*53))


ln(3) = 53r*ln(e)


ln(3) = 53r*1


ln(3) = 53r


53r = ln(3)


r = ln(3)/53


r = 1.0986122886681/53


r = 0.02072853374846


The interest rate must be roughly <font color="red">2.07285%</font>