Answer: t = 13.73
Explination:
Youre going to use the equation A= Pe^rt
A= 2400 (800 trippled)
P= 800 because thats your deposit
E=0.08 (this is 8% as a decimal)
T= time, this is what youre going to find since its how long for it to tripple
Now lets do the math
2400. 800 e^0.08%
——— = ———————-
800 800
(Take 2400/800 this equals 3)
Now you’ll have this
3= e^0.08
Ln 3 = Ln e^0.08t
Ln3=0.08t Ln e
Now we have to get rid of 0.08
Ln 3 0.08t
——— = ————
0.08 0.08
Now in your calculator:
Ln (3) / 0.08 = 13.73265…..
So rounding this gives 13.73
T=13.73
