Wednesday

April 1, 2015

April 1, 2015

Posted by **judith** on Wednesday, April 20, 2011 at 8:07pm.

- maths -
**MathMate**, Thursday, April 21, 2011 at 12:04pmLet n = number of years required:

Compound interest:

3P=P(1.095)^n

Solve for n:

3=1.095^n

take log on both sides:

n log(1.095)=log(3)

n = log(3)/log(1.095)

Simple interest:

3P=P(1+0.095*n)

Solve for n:

n=(3-1)/0.095 = 2/0.095

**Answer this Question**

**Related Questions**

maths - how long will it take a sum of money to tripe itself at (i) 9.5% ...

Math - How long will it take P dollars to triple itself at 14% simple interest?

Math - How long will it take 7500 to triple itself if it is invested at 7% ...

Algebra II - An investment service promises to triple your money in 12 years. ...

math (SIMPLE INTEREST) - 4.the amount in an account which was opened 180 days ...

quantitative - how long will it take a sum of money to tripple itself at 16%p.a ...

Visual Basic 2008 Programming - Help! I'm not sure how to start or how calculate...

maths - simple interest and compound interest on what sum will the compound ...

maths - A sum of money becomes 8/5 of itself in 5 years at certain rate of ...

computer science - When $1000 is deposit at 5% simple interest, the amount grows...