Homework Answers
Solution: 15 years
Working:
Let p be 100; thus triple amount be 100 * 3 = 300
300 = 100 ( 1 + 7.6/100)^n
3 = 1.076^n
log 3 = n log 1.076
n = log 3 / log 1.076 = 0.4771 / 0.03181 = 15 years
As per policy we have to answer first question
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