The equation given is A = A₀(1 + r)ᶠ, where A is the amount after f years, A₀ is the initial amount, and r is the interest rate.
To find the number of years it takes for the amount to triple, we need to solve for f in the equation 3A₀ = A₀(1 + 0.04)ᶠ, where 3A₀ is three times the initial amount.
Simplifying this equation, we get:
3 = (1.04)ᶠ
Taking the natural logarithm of both sides, we get:
ln(3) = f ln(1.04)
Solving for f, we get:
f = ln(3) / ln(1.04)
Using a calculator, we get:
f ≈ 23.45
it will take about 23.45 years for the amount to triple.
(If this doesn’t seem write to you or your confused comment!)