Question 1098770
{{{ V = P*( 1 + r/1 )^( 1*t ) }}}
{{{ r = .064 }}}
{{{ V = 3P }}}
{{{ 3P = P*( 1 + .064 )^t }}}
{{{ 3 = 1.064^t }}}
{{{ log(3) = log( 1.064^t ) }}}
{{{ .47712 = t*log( 1.064 ) }}}
{{{ .47712 = .02694t }}}
{{{ t = 17.7094 }}}
It will take 17 years for the money to triple
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check:
{{{ 3 = 1.064^t }}}
{{{ 3 = 1.064^17.7094 }}}
{{{ 3 = 2.999992 }}}
close enough -error due to rounding off