Question 1085860
An investment earns 2.25% per annum, compounded daily. The number of years required for the investment to triple in value is...
<pre>{{{A = P(1 + i/m)^(mt)}}}, where:
A = 3
P = 1
i = .0225
m = 365
We then get: {{{3 = (1 + .0225/365)^(365t)}}}
{{{365t = log (1 + .0225/365, (3))}}} ------- Converting to LOGARITHMIC form
{{{highlight_green(matrix(1,12, t, "=", log (1 + .0225/365, (3))/365, "=", (log (3)/log ((1 + .0255/365)))/365, or, log (3)/log ((1 + .0255/365)), "÷", 365, "=", 48.83, years))}}}