Answered

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You have invested $600 in a microfinance project. You receive 6.3% interest year, compounded continuously. How long will it take your money to triple? Round your answer to the nearest whole number.

Sagot :

if you want to made the triple then you want to have:

[tex]600\cdot3=1800[/tex]

Now we can replace that in the interest equation so:

[tex]1800=600(1+6.3)^t[/tex]

Where t are the number of years so we solve for t so:

[tex]\begin{gathered} \frac{1800}{600}=7.3^t \\ \ln (3)=t\ln (7.3) \\ t=\frac{\ln(3)}{\ln(7.3)} \\ t=\frac{1.10}{1.99} \\ t=0.55 \end{gathered}[/tex]

so in 0.55 years he will have the triple of the money, and to the neasres whole number will be in one year

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