Saturday, December 7, 2013

3000 is invested at 7.5% interested monthly how long does it take to triple round to nearest year?

F=A%281%2Br%2Fn%29%5E%28nt%29
3A=A%281%2B0.075%2F12%29%5E%2812t%29
3=%281%2B0.075%2F12%29%5E%2812t%29
3=1.00625%5E%2812t%29
taking ln of both sides and simplifying leads to about
t=14.7
so say 15 years
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