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If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to t…

If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to t…
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If $7,000 is placed in an account with an annual interest rate of 5.5%, 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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User Simon Chadwick
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1 Answer

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A= P(1 + r/n) ^nt
21000=7000(1+0.055/2)^1t

t = 20.52 years

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User IEnumerator
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7.5k points
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