Question 1204592
An amount of money is invested at 12%/a interest. Write an equation and solve it to determine the length of time it will take for each of the following events to occur. Round answers to the nearest tenth of a year.
- the original amount to double if interest is compounded annually\\

A/P=2

A/P= (1+r)^n


2= 1.12^n

log 2= n log 1.12

log2/log1.12= n

n= 6.116 years  (approx)


- the original amount to triple if interest is compounded monthly

A/P=3
r=12% = 0.12
compounded monthly =0.01

A/P = 1.01^12t

3= 1.01^12t

log3= 12t log 1.01

log 3/12*log 1.01 =t

t= 9.2 years