If the interest rate on an account is 8.5% compounded yearly, approximately how many years will it take to triple the amount? If the interest rate on an account is 8.5% compounded yearly, approximately how many years will it take to triple the amount? A. 13.4 yrs C. 12.5 yrs B. 14.4 yrs D. 15 yrs Log in or register to post comments Solution Click here to… Jhun Vert Fri, 07/05/2024 - 05:41 Solution Click here to expand or collapse this section $F = P(1 + i)^n$ $3P = P(1 + 0.085)^{mt}$ $3 = 1.085^{1 ~ \cdot ~ t}$ $\ln 3 = \ln 1.085^t$ $\ln 3 = t \ln 1.085$ $t = \dfrac{\ln 3}{\ln 1.085}$ $t = 13.47 ~ \text{yrs}$ Log in or register to post comments

Solution Click here to… Jhun Vert Fri, 07/05/2024 - 05:41 Solution Click here to expand or collapse this section $F = P(1 + i)^n$ $3P = P(1 + 0.085)^{mt}$ $3 = 1.085^{1 ~ \cdot ~ t}$ $\ln 3 = \ln 1.085^t$ $\ln 3 = t \ln 1.085$ $t = \dfrac{\ln 3}{\ln 1.085}$ $t = 13.47 ~ \text{yrs}$ Log in or register to post comments

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