how long will it take money to triple itself at 9.5% compound interest and 9.5% simple interest respectively?

1 answer

1. Let n = number of years required:
   
   Compound interest:
   3P=P(1.095)^n
   Solve for n:
   3=1.095^n
   take log on both sides:
   n log(1.095)=log(3)
   n = log(3)/log(1.095)
   
   Simple interest:
   3P=P(1+0.095*n)
   Solve for n:
   n=(3-1)/0.095 = 2/0.095

   Answer ID
   534682

   Created
   April 21, 2011 4:04pm UTC

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   URL
   https://questions.llc/answers/534682