Mr. Santiago a fisherman from Mulanay Quezon Province initially invested ₱500,000.00 in a local cooperative and wanted a double amount form its initial investment, Using the formula from the previous lesson on exponential function = (1 + ) where: A is the future value; P is the present value; r is the interest rate and n is the number of years, how many years will it take an investment to triple if the annual interest rate is 6%?
Answers & Comments
Answer:
19 years
Step-by-step explanation:
A=3P
a=P(1+r![)^{n} )^{n}](https://tex.z-dn.net/?f=%29%5E%7Bn%7D)
3P=(1+6%![)^{n} )^{n}](https://tex.z-dn.net/?f=%29%5E%7Bn%7D)
(1+6%
=3
1.0
=3
n=19