Question 1060860
As a general formula, compound interest can be calculated at A=P(1+r/n)^nt, where A is the total amount yielded, P is the amount deposited, r is the annual interest rate, n is the amount of compounding periods per year, and t is the number of years to maturity. In this case, we have 11.94% annual interest compounded monthly; our principal is 1, and our total amount is 3. So:
3=(1+.1194/12)^12t
3=(1.00995)^12t
The answer seems to be around 111 compounding periods, or about 9-1/4 years. ☺☺☺☺