Question 1083409
{{{ F = P * (1+r/n)^(nt) }}}

where:
F=future value
P=present value
r=rate (as a decimal)
n=number of compounding periods per year
t=number of years
————

(A):  {{{ 3P = P*(1+0.057/12)^(12(t)) }}}
        {{{ 3 = 1.00475^(12t) }}}
        {{{ ln(3) = 12t*(ln(1.00475)) }}}
        {{{ ln(3)/(12*ln(1.00475)) = t }}}
        {{{  t = 19.3196 }}}  years  —>   {{{ highlight(19) }}} years and {{{ highlight(3.836) }}} months.
—
(B):  {{{ 3P = P*(1+ 0.12/12)^(12(t)) }}}
        {{{  3 = 1.01^(12t) }}}
        {{{  t = ln(3)/(12*ln(1.01)) = 9.201 }}} years  —>  {{{ highlight(9) }}} years and  {{{ highlight(2.41) }}} months