Answer:
It will take about 7.3 years for his money to triple.
Step-by-step explanation:
Identify the variables in the formula.
A = 150,000
P = 50,000
r = 0.15
t = ?
A = Pe^rt
Substitute the values into the formula.
150,000 = 50,000e^0.15*t
Solve for t. Divide each side by 50,000.
3 = e^0.15*t
Take the natural log of each side.
ln 3 = ln e^0.15*t
Use the power property and then simplify.
ln 3 = 0.15*t ln e
ln 3 = 0.15-t
Divide each side by 0.15.
(ln 3)
/(0.15) = t
Approximate the answer.
t ≈ 7.3
