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
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
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3000 = 1000[1 + .08/1]^(1*t)
3 = 1.08^t
ln 3 / ln 1.08 = t
14.274914586003189321592765022908 = t
14.27 years = t
3 = 1.08^t
ln 3 / ln 1.08 = t
14.274914586003189321592765022908 = t
14.27 years = t