Question 77515
<pre><font size = 4><b>
How long will it take $8000 to triple itself if it is 
invested at 6% simple interest. 

For $8000 to triple, it must become $24000

    A = P + Prt

24000 = 8000 + 8000(.06)t

24000 = 8000 + 480t

16000 = 480t

Divide both sides by 480

33.33 = t

Answer: 33 years and 4 months.

That's not keeping up with inflation because
33 years ago a gallon of gas was less than 40 cents. 

Edwin