Question

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.

Answer 1

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.

Answer 2

Answer:

15.6 years.

Step-by-step explanation:

We have to calculate the years to triple an amount of money earning 7.3% compounded annually.

Formula : $A=P(1+\frac{r}{n})^{nt}$

Let the principal amount be 1000

Amount will be triple 1000 × 3 = 3000

Now put the values

$3000=1000(1+\frac{0.073}{1})^{(1)(t)}$

$3000=1000(1.073)^{t}$

$1000(1.073)^{t}=3000$

$1.073^{t}=3$

$t=\frac{log(3)}{log(1.073)}$

t = 15.59234  ≈ 15.6 years

It will take 15.6 years to triple the money at an APR of 7.3%.