Question

How long will it take money to triple at an APR of 7.3 % compounded​ annually. It will take about ____ years to triple an amount of money earning 7.3% compounded annually.

Answer 1

15.6 years.

Explanation:

We have to calculate the years to triple an amount of money earning 7.3% compounded annually.

Formula :
`A=P(1+(r)/(n))^(nt)`

Let the principal amount be 1000

Amount will be triple 1000 × 3 = 3000

Now put the values

`3000=1000(1+(0.073)/(1))^((1)(t))`

`3000=1000(1.073)^(t)`

`1000(1.073)^(t)=3000`

`1.073^(t)=3`

`t=(log(3))/(log(1.073))`

t = 15.59234 ≈ 15.6 years

It will take 15.6 years to triple the money at an APR of 7.3%.

Answer 2

We will use the formula (1 + 0.73) ^ n = 3.
n = In (3) / In (1.073)
n = 15.5923395399
approximately it will be about 16 years will it take to triple the amount of the money earning at 7.3% compounded annually.