please answer

Question

How long will it take 10,000$, to triple, if invested at 6% interest per year?

Answer 1

For simple interest, the formula is:

 

A = P(1 + rt)

 

Where:

• A = the final amount = $30,000
• P = the Principle or initial amount = $10,000
• r = annual interest rate expressed as a decimal = 6% = 0.06
• t = years

 

$30,000 = $10,000(1 + 0.06t)

 

Divide both sides by $10,000:

 

3 = (1 + 0.06t)

 

Subtract 1 from both sides:

 

2 = 0.06t

 

Divide both sides by 0.06 to get the answer in years.