Question
if 7000 is placed in an account with 6 percent intrest compounded annually how many years does it take to triple? rounded to two decimals.
Answers
MathMate
A=PR^n
where n=number of years
R=1.06, annual interest rate
A=future value
P=present value
Rearrange:
R^n=A/P=3
Take log on both sides
log(R^n)=log(3)
nlog(R)=log(3)
n=log(3)/log(1.06)
I'll let you complete the answer.
For a similar problem, see also:
http://www.jiskha.com/display.cgi?id=1304549075
where n=number of years
R=1.06, annual interest rate
A=future value
P=present value
Rearrange:
R^n=A/P=3
Take log on both sides
log(R^n)=log(3)
nlog(R)=log(3)
n=log(3)/log(1.06)
I'll let you complete the answer.
For a similar problem, see also:
http://www.jiskha.com/display.cgi?id=1304549075