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Dominik [7]
3 years ago
5

How long will it take for an investment to triple if it is compounded continuously at 12%

Mathematics
1 answer:
myrzilka [38]3 years ago
3 0

Answer:

9.694 years

Step-by-step explanation:

Let the investment is $P.

So, we are asked to determine the time it will grow to triple with the compound interest rate of 12%.

Let the time is y years.

So, from the formula of compound interest we can write

3P = P(1 + \frac{12}{100} )^{y}

⇒ (1 + \frac{12}{100} )^{y} = 3

⇒ (1.12)^{y} = 3

Now, taking log both sides we get,

y log 1.12 = log 3 {Since, \log a^{b} = b \log a }

⇒ 0.04922y = 0.477712

⇒ y = 9.694 years (Answer)

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