Answer:
- 13
Step-by-step explanation:
<u>Use formula for continuous interest:</u>
- A =
, where r- interest rate, t- time in years
<u>If A = 3P, and r = 0.085 then the equation is:</u>
- ln 3 = 0.085t
- 1.099 = 0.085t
- t = 1.099 / 0.085
- t = 12.9 ≈ 13 years