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chloejason1
chloejason1 chloejason1
  • 28-02-2017
  • Mathematics
Answered

How long will it take you to triple an amount of 500 of you invest it at of 6% compounded annually? Applications of logs

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 01-03-2017

3p=p(1+0.06)^t
3=1.06^t
Log(3)=t*log(1.06)
T=log(3)/log(1.06)
T==18.9 years

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