Homework Help: math

Posted by laurin on Friday, November 2, 2012 at 10:26pm.

How long (in years) will it take your money to triple at an annual percentage rate of 5% compounded annually? Use logarithms to solve. Round and show 2 decimal places.

math - Steve, Saturday, November 3, 2012 at 3:35am
3 = 1.05^n
ln3 = n ln1.05
n = ln3/ln1.05 = 22.52 years

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