if 7000 is placed in an account with 6 percent intrest compounded annually how many years does it take to triple? rounded to two decimals.
A=PR^n
where n=number of years
R=1.06, annual interest rate
A=future value
P=present value
Rearrange:
R^n=A/P=3
Take log on both sides
log(R^n)=log(3)
nlog(R)=log(3)
n=log(3)/log(1.06)
I'll let you complete the answer.
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