Question

How many years would it take a $6,000 to triple in value with simple interest rate of 5%.

(Hint: start with finding what triple the value of 6,000 is and identify each of the terms in the
simple interest formula).
Please work

Answer 1

40 years is the answer. g+c method = initial principal of 6000 increasing by 5% annual interest rate over a time period of 40 years is equal to a final amount of 18000