Approximately how long would it take an investment that is c

Solution

Dear Student Thank you for using Chegg !! Let the initial investment be X Given Rate of Interest be 6% Final amount is 3X For compound interest, the formula is Amount = P( 1+r/100)^n 3X = X(1.06)^n 3 = (1.06)^n Take natural log both sides 1.098612 = n*ln(1.06) 18.85418 = n Hence time for principle amount to triple is 18.86 years