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6 December, 06:45

If $6,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to triple if the interest is compounded annually? round your answer to two decimal places.

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  1. 6 December, 07:43
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    3p=p (1+0.06) ^t

    3 = (1.06) ^t

    T=log (3) : log (1.06)

    T=18.9 years
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