To determine the rate of a number do the following steps:
Multiply the number by the percent (e.g. 87 * 68 = 5916)
Divide the answer by 100 (Move decimal point two places to the left) (e.g. 5916/100 = 59.16)
Round to the desired precision (e.g. 59.16 rounded to the nearest whole number = 59)
Two thousand nine hundred twenty-nine and eight hundred seventy-four thousandths
Answer:
133.33 years
Step-by-step explanation:
Given that:
Principal = $500
Interest rate (r) = 1.5% = 0.015
Triple amount of principal = $500 * 3 = $1500 = final amount (A)
Number of years (t) =?
Using the relation :
A = P(1 + rt)
1500 = 500(1 + 0.015t)
1500 / 500 = 1 + 0.015t
3 = 1 + 0.015t
3 - 1= 0.015t
2 = 0.015t
2 / 0.015 = 0.015t / 0.015
133.333 = t
133.33 years
