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How long will it take money to triple at an APR of ​8.4% compounded​ annually? It will take _____ years to triple an amount of money earning ​% compounded annually.
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15 votes
How long will it take money to triple at an APR of ​8.4% compounded​ annually?

It will take _____ years to triple an amount of money earning ​% compounded annually.

User Evan Hobbs
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1 Answer

21 votes
21 votes
bonjour,

3 = 1 (1.084)t

and solve for t.

log3 = t log1.084

t = log3 / log1.084 ≅ 13.62 years
User Andrew Gans
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