Compound annual interest (college algebra)
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Compound annual interest (college algebra)

[From: ] [author: ] [Date: 11-11-05] [Hit: ]
14.14.......
I need help with this with steps :

If you deposit $1000 at 8% compounded annually, how long will it take for your money to triple?

I know there's a formula for this A = P (1 + r/n)^nt but I don't know how to apply it

-
3000 = 1000[1 + .08/1]^(1*t)

3 = 1.08^t

ln 3 / ln 1.08 = t

14.274914586003189321592765022908 = t

14.27 years = t
1
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