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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
 2 years ago
 2 years ago
rachelk09 Group Title
How many years would it take for an investment to triple at 6% APR compounded annually
 2 years ago
 2 years 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: \[ \log_{1.06}(3)=n\implies\\ \frac{\ln(3)}{\ln(1.06)}=n\approx 18.8542\text{ years} \]
 2 years ago

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

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