you have 5000 invested in the bank that pays 3.8 % annually how long will it take for your funds to triple
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interest is:
where is the future value, is the present value, is the annual interest rate expressed as a decimal, is the number of compounding periods per year, and is the number of years.
In this case we really don't care what the present or future values are so long as the future value is three times the present value, so we can re-write the formula:
We are given both and , so substitute the values:
The only thing left is to take the logarithm of both sides (any base, it doesn't matter in the end) and solve for
Write back and let me know what you get for an answer.
John
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