Answer:
So the answer is approximately 18 years
Step-by-step explanation:
Your interest rate is 6.25%, or, 0.0625
A=P⋅(1+(r/n))^nt
Where:
P is the initial amount
r is annual rate of interest
t is number of years
A is the final amount of money
n is the number of times the interest is compounded per year
So
3P=P(1+0.0625)
3P=P (1.0625)^t
3=1.0625^t
Now we should use logarithmic functions.
ln(3)=t⋅ln(1.0625)
ln(3)ln(1.0625)=t
t=18.12 years
