3. Suppose we have an investment of $10,000 that is earning 2.1% interest compounded continuously. How long would it take to tri

Question

2 years ago

15

ple the initial investment

1 answer:

xz_007 [3.2K] · Answer 1 · 2023-04-04T00:26:05+03:00

It will take an approximate of 52 years to triple the initial investment.

The formula for Future value is A = Pe^(rt)

Given Information

Triple amount

Rate = 2.1%

$3 = e^(.0.021t)\\ln(3) = 0.021t\\t = ln(3)/0.021\\t = 1.09861228867 / 0.021\\t = 52.314870889\\t = 52.31$

Therefore, it will take an approximate of 52 years to triple the initial investment.

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