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fredd [130]
3 years ago
15

How long will it take for the money to triple? Compounded continuously.

Mathematics
1 answer:
Artemon [7]3 years ago
4 0

The formula for compounded continuously is :

A=Pe^{rt}

Here the Amount triples , so let us say the new amount A=3P

3P=Pe^{rt}

Cancelling P from both sides we get,

3=e^{rt}

Now here we are given rate is 2.75% or 0.0275,

3=e^{0.0275t}

solving for t we get

t=39.95 years

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