Question 1128047
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1. &nbsp;&nbsp;<U>What was the amount in the fund at the end of 3 years?</U>


<pre>
    F = {{{26000*(1+0.08)^3}}} = {{{26000*1.08^3}}}.
</pre>


2.  &nbsp;&nbsp;<U>How long will it take money to triple itself if invested at 8% compounded annually?</U>


<pre>
    3*26000 = {{{26000*1.08^n}}}  ====>


    3 = {{{1.08^n}}}


    log(3) = n*log(1.08)


    n = {{{log((3))/log((1.08))}}} = {{{0.477/0.0334}}} = 14.27 years.


    <U>Answer</U>.  15 years is enough.
</pre>