Question 1160928
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Annual interest rate: 4%
Monthly interest rate: (4/12)%
Monthly growth factor: 1+(4/12)% = 1+1/300 = 301/300<br>
If n is the number of months, then you need to find the exponent n for which<br>
{{{(301/300)^n = 3}}}<br>
Use logarithms, or a graphing utility like a graphing calculator....<br>
(My calculations show a bit over 330 months)<br>