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rachelk09
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How many years would it take for an investment to triple at 6% APR compounded annually
 one year ago
 one year ago
rachelk09 Group Title
How many years would it take for an investment to triple at 6% APR compounded annually
 one year ago
 one year ago

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LolWolf Group TitleBest ResponseYou've already chosen the best response.0
Annual compounding: \[ 3 = (1+.06)^n \]Where \(n\) is the number of years. So, working from this: \[ \log_{1.06}(3)=n\implies\\ \frac{\ln(3)}{\ln(1.06)}=n\approx 18.8542\text{ years} \]
 one year ago

rachelk09 Group TitleBest ResponseYou've already chosen the best response.0
Thank you very much!!
 one year ago

LolWolf Group TitleBest ResponseYou've already chosen the best response.0
Sure thing.
 one year ago
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