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Hoochie [10]
3 years ago
14

Casey invested $1,225 in a certain bond that pays 19% interest compounded annually. How long will it take for Brad’s investment

to triple ? Explain .
Mathematics
1 answer:
kolbaska11 [484]3 years ago
3 0

Answer:

  6.3 years

Step-by-step explanation:

The growth factor each year is 1+19% = 1.19. You want to find the number of years (t) that result in a multiplier of 3 for the account value:

  3 = 1.19^t

Taking logarithms, you get ...

  log(3) = t·log(1.19)

  log(3)/log(1.19) = t ≈ 6.32

It will take a little more than 6 years for Casey/Brad's investment to triple in value.

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