How long will it take for an investment to triple, if interest is compounded continuously at 6%? It will take (Round to the nearest tenth of a year.) years before the investment triples.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
icon
Related questions
icon
Concept explainers
Topic Video
Question
How long will it take for an investment to triple, if interest is compounded continuously at 6%?
It will take
(Round to the nearest tenth of a year.)
years before the investment triples.
Transcribed Image Text:How long will it take for an investment to triple, if interest is compounded continuously at 6%? It will take (Round to the nearest tenth of a year.) years before the investment triples.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage