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If $6,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually? round your answer to two decimal places.
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If $6,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually? round your answer to two decimal places.

User Tanasha
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1 Answer

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3p=p(1+0.06)^t
3=(1.06)^t
T=log(3)÷log(1.06)
T=18.9 years
User Manish Arora
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8.1k points
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