Question 1204592
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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.
- (a)  the original amount to double if interest is compounded annually
- (b)  the original amount to triple if interest is compounded monthly
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The instruction in the post  " Round answers to the nearest tenth of a year "  is incorrect.



<pre>
The answer should be given in integer number of compound periods:


   - in part (a), the answer should be given in years (concretely,
     from the solution of the other tutor, the answer 6.116 years should be rounded to 7 years,
     when the bank will complete 7-th compounding);


   - in part (b), the answer should be given in months (concretely,
     from the solution of the other tutor, the answer 9.2 years should be rounded to 9 years and 3 months,
     when the bank will complete the last compounding).


In such problems, the amount at the account is not a continuous function.

It is a discrete function, which changes its values only at the end of each compound period.


The event (a) will not occur at 6.116 years. It will occur at 7 years, and not earlier.


The event (b) will not occur at 9.2 years. It will occur at 9 years and 3 months, and not earlier.
</pre>

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To see many other similar &nbsp;(and different) &nbsp;solved problems, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> 

in this site, &nbsp;and learn the subject from there.


After reading this lesson, &nbsp;you will tackle such problems on your own without asking for help from outside.