How do the values of the 1s in 14.937 and 6.1225 compare?
2 answers:
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When variables with exponents are divided by each other, you subtract the exponents.
For example:
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
⇒
⇒
Now, taking log both sides we get,
y log 1.12 = log 3 {Since, }
⇒ 0.04922y = 0.477712
⇒ y = 9.694 years (Answer)