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How long will it take money to triple at an APR of 7.6% compounded annually? It...

Question:

How long will it take money to triple at an APR of 7.6% compounded annually? It will take years to triple an amount of money
A woman and wages of $56,800, received $1400 in interest from a savings account, and contributed $3200 to a tax-deferred reti
How long will it take money to triple at an APR of 7.6% compounded annually? It will take years to triple an amount of money earning 7.6% compounded annually. (Round up to the nearest year.) Enter your answer in the answer box. Type here to search Ote
A woman and wages of $56,800, received $1400 in interest from a savings account, and contributed $3200 to a tax-deferred retirement plan. She was entitled to a personal exemption of 53100 and had deductions Italing $5070. Find her gross income, adjusted gross income, and taxable income Het gross income was (Simplify your answer.) Het adjusted gross income was $ (Simplify your answer.) Her table income was $ (Simplity your answer.) Le Type here to search

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

 

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