How many years would it take for money to increase to four t

How many years would it take for money to increase to four times the initial amount at an interest rate of 12% per year?

Solution

Let initial amount=S

Let future amount=4S

Formula:

4S=S(1+.12)ⁿ

4=(1.12)ⁿ

(1.12)¹²=(1.12)ⁿ

n=12 years