Respuesta :
According to a calculator that provides 3% interest compounded monthly, an investment will triple in value in 439 months.
What does investing mean?
Assets purchased or spent in with the intention of boosting wealth and allocating money from wages or capital gains are referred to as investments. The basic objective of an investing is to increase income or to recoup the cost of the investment over a specific period of time.
Briefing-
The compound interest formula is:
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
The number n determines how often interest is compounded annually.
We have to find 't'.
according to question-
3P = P(1+0.03/12)∧t
3 = (12.03/12)∧t
ln3 = t × ln(1.0025)
ln3 = t × ln1.0025
ln3/ln1.0025 = t
439.99 = t
So the answer is approximately 439 months.
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