Ask a New Question

Asked by judith

how long will it take money to triple itself at 9.5% compound interest and 9.5% simple interest respectively?
14 years ago

Answers

Answered by MathMate
Let n = number of years required:

Compound interest:
3P=P(1.095)^n
Solve for n:
3=1.095^n
take log on both sides:
n log(1.095)=log(3)
n = log(3)/log(1.095)

Simple interest:
3P=P(1+0.095*n)
Solve for n:
n=(3-1)/0.095 = 2/0.095
14 years ago

Related Questions

How long will it take for money invested at 3.29% compunded monthly to double? How long will it take for money to double itself at {0.55, m=2} how long would it take money to triple in an account with a one-time deposit earning 9% interest com... Money can last for a long time without degrading in value or usefulness. a. divisibility b. limite... make a LONG LONG LONG LONG LONG conversation between the characters (Fireheart: nice, in Thunderclan... make a LONG LONG LONG LONG LONG conversation between the characters (Fireheart: nice, in Thunderclan... Money can last for a long time without degrading and value or usefulness They save money in the long run add explanation
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use