How long will it take for an investment to triple, if interest is compounded continuously at
Final Answer: It will take approximately
Step 1 :We are given that the interest is compounded continuously at a rate of 6%. We want to find out how long it will take for an investment to triple.
Step 2 :We can use the formula for continuous compounding, which is
Step 3 :In this case, we want the final amount to be triple the principal amount, so we can set
Step 4 :Let's set
Step 5 :Solving the equation gives us
Step 6 :Rounding to two decimal places, we get
Step 7 :Final Answer: It will take approximately