Years 3

How long will it take for a given sum of money to triple itself at 20% annual compound interest?

Correct answer:

n =  6.0257

Step-by-step explanation:

r=100%+20%=1+10020=1.2 k=3  k a = a rn rn = k  n ln r = ln k  n=lnrlnk=ln1.2ln3=6.0257



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