How long would it take an investment of $12,000 at 6¼% interest compounded daily to triple?

0 ⤊

How long would it take an investment of $12,000 at 6¼% interest compounded daily to triple?

2006-08-04 14:08:27 · 3 answers · asked by mr_gillespie2003 1 in Science & Mathematics ➔ Mathematics

3 answers

(1+(0.0625/365))^x = 3
x = ln(3)/ln(1.00017123) = 6416 days.
This is approximately 17 years and 7 months.

2006-08-04 14:49:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋

I would tend to agree with Leo.

2006-08-04 15:09:12 · answer #2 · answered by none2perdy 4 · 0⤊ 0⤋

3 = (1 + (.0625/365)))^(365t)
3 = (1.00017123...)^(365t)
ln3 = (365t)ln(1.00017123)
(ln3)/(ln(1.00017123...)) = 365t
t = (ln3)/(365ln(1.00017123...))
t = 17.57930152408463...

ANS : about 17.579 years or about 17 years and 7 months

2006-08-04 16:12:17 · answer #3 · answered by Sherman81 6 · 0⤊ 0⤋