Question

Money that is collecting interest in a bank account triples in value every 20 years. When the account was opened, it contained 81. How much money will be in the account after 60 years?

Answer 1

The initial $81 in the bank account triples every 20 years. After 60 years, it would have tripled three times, resulting in a total of $2187 in the account.

Step-by-step explanation:

The question asks how much money will be in a bank account after 60 years if the money triples every 20 years, starting with an initial deposit of $81. Since the money triples every 20 years, we will calculate this growth over three 20-year periods.

After the first 20 years, the money will have tripled once:

• $81 \( \times 3 = $243 \)

After the second 20 years, the money will have tripled again (this is now the second time it has tripled, meaning we multiply the current amount by 3 again):

• $243 \( \times 3 = $729 \)

After the third 20 years (60 years in total), the money triples a final time:

• $729 \( \times 3 = $2187)

Therefore, after 60 years, there will be $2187 in the bank account.