Question

using the function A=P(1+r)^t
find out how long it takes $500 to triple if it is invested at 6%
a) annually
b)quarterly
c)daily

Answer 1

well what i do know is that triple 500 is 1500 right. so A = 1500 and p=500 and r=.06 right. Becuase this is a power function you have to use the law of logs to bring down the exponent to solve for time. So, log(1500)=t*log(500*1.06) and solve for t.

Answer 2

i did \[1500=500(1.06)^t\]

Answer 3

the answer annually is supposed to be 18 years and 312 days... i don't get how they even got that!

Answer 4

me either.

Answer 5

sorry dude you got to divide the 500 then use log to solve.

Answer 6

thats what i did. i got it for the annually one. but thats it..