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KN6ic0knestimegabroo KN6ic0knestimegabroo
  • 17-03-2017
  • Mathematics
Answered

If $6,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually? round your answer to two decimal places.

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 17-03-2017

3p=p(1+0.06)^t
3=(1.06)^t
T=log(3)÷log(1.06)
T=18.9 years

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