Question

suppose that a dollar placed into an account triples every 12 years. How much will be in the account after 60 years?

Answer 1

the answer is 15 dollars

Answer 2

Mkay. So first you just want to find how many periods of 12 years there are in the total 60 years.

60/12 = 5

So that means we will be tripling the dollar five times.

Tripling is basically multiplying by 3. So ima be lazy and:

So the first time: 1 * 3 = 3

Second: 3 * 3 = 9

Third: 9 * 3 = 27

Fourth: 27 * 3 = 81

Fifth: 81 * 3 = 243

So there will be 243 dollars in the account after 60 years.