If it takes 10 years for money to double in an account that is compounded continuously, how many years will it take money to triple in that same account?

Respuesta :

Answer:

  15.85 years

Step-by-step explanation:

The 10-year multiplier is 2, so the account value multiplier is ...

  2^(t/10)

We want to find t such that this multiplier is 3.

  3 = 2^(t/10)

  log(3) = (t/10)log(2)

  10(log(3)/log(2)) = t ≈ 15.85 . . . years

Money in the same account will triple in about 15.85 years.