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How long will it take you to triple an amount of 500 of you invest it at of 6% compounded annually? Applications of logs

How long will it take you to triple an amount of 500 of you invest it at of 6% compounded annually? Applications of logs
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How long will it take you to triple an amount of 500 of you invest it at of 6% compounded annually? Applications of logs

User Ngima Sherpa
by
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1 Answer

4 votes
3p=p(1+0.06)^t
3=1.06^t
Log(3)=t*log(1.06)
T=log(3)/log(1.06)
T==18.9 years
User Randall Helms
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8.1k points
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