Chasity Kane

2022-09-03

How long will it take money to triple if it is invested at 6% compounded continuously?

Johnny Parrish

Beginner2022-09-04Added 12 answers

Rate of interest =6%=0.06

Let is takes t hours to triple the principle amount.

Compounded continously:

$$A=P{e}^{rt}\phantom{\rule{0ex}{0ex}}3P=P{e}^{0.06t}\phantom{\rule{0ex}{0ex}}3={e}^{0.06t}\phantom{\rule{0ex}{0ex}}\mathrm{ln}(3)=0.06t\phantom{\rule{0ex}{0ex}}t=\frac{\mathrm{ln}3}{0.06}=18.3102048$$

It will take 18.31 years

Let is takes t hours to triple the principle amount.

Compounded continously:

$$A=P{e}^{rt}\phantom{\rule{0ex}{0ex}}3P=P{e}^{0.06t}\phantom{\rule{0ex}{0ex}}3={e}^{0.06t}\phantom{\rule{0ex}{0ex}}\mathrm{ln}(3)=0.06t\phantom{\rule{0ex}{0ex}}t=\frac{\mathrm{ln}3}{0.06}=18.3102048$$

It will take 18.31 years

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