How many years would it take $6,000 to triple in value with a simple interest rate of 5%?

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Mark J. · Accepted Answer

S = So(1 + .05)t                S = 3 x 6000 = 18000               So = 6000                      So18000 = 6000(1.05)t                     3 = (1.05)t                       log(3) = (t)log(1.05)t = 22.52 years

How many years would it take $6,000 to triple in value with a simple interest rate of 5%?

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