How long will it take money to triple at an APR of 7.3 % compounded annually. It will take about ____ years to triple an amount of money earning 7.3% compounded annually.
Accepted Solution
A:
We will use the formula (1 + 0.73) ^ n = 3. n = In (3) / In (1.073) n = 15.5923395399 approximately it will be about 16 years will it take to triple the amount of the money earning at 7.3% compounded annually.