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March 26, 2017

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how long will it take money to triple itself at 9.5% compound interest and 9.5% simple interest respectively?

  • maths - ,

    Let 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

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