Answer:
After 8.444 year amount will be triple
Step-by-step explanation:
Let the principal amount is P
Amount is triple in some time so
Amount will be equal to [tex]A=3P[/tex]
Expected rate of return [tex]r=13.9[/tex] %
We have to find the time in which amount is triple
We know that [tex]A=P(1+\frac{r}{100})^n[/tex]
[tex]3P=P(1+\frac{13.9}{100})^n[/tex]
[tex]1.139^n=3[/tex]
Taking log both side
[tex]nlog1.139=log3[/tex]
[tex]n\times 0.0565=0.4771[/tex]
n = 8.444 year
So after 8.444 year amonut will be triple
