Explanation Given: The annual percentage rate is 8 % . Calculation: The formula to calculate amount is, A = P ( 1 + r n ) n t Where, ➣ A is the final amount after compounding. ➣ P is the principal deposited. ➣ r is the rate of interest (in decimal). ➣ n is the number of times interest is compounded in a year. ➣ t is the time for which money remains invested. The amount is to be tripled, so if the initial amount deposited is P , the final amount will be 3 P . Substitute 3 P for A , 0.08 for r , 1 for n in above equation. 3 P = P ( 1 + 0.08 1 ) 1 × t 3 = ( 1.08 ) t Use trial and error to find approximate value of t which satisfies the above equation...

Using and Understanding Mathematics: A Quantitative Reasoning Approach plus NEW MyMathLab with Pearson eText -- Access Card Package (6th Edition) (Bennett Science & Math Titles)

6th Edition

ISBN: 9780321923219

Author: Jeffrey O. Bennett, William L. Briggs

Publisher: PEARSON

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Chapter 4.B, Problem 99E

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The time required to triple the initial investment at a given APR compounded annually.

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Chapter 4.B, Problem 98E

Chapter 4.B, Problem 100E

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Using and Understanding Mathematics: A Quantitative Reasoning Approach plus NEW MyMathLab with Pearson eText -- Access Card Package (6th Edition) (Bennett Science & Math Titles)

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