How long will it take for an investment of $7,000 to triple if the investment earns interest at the rate of 3%/year compounded daily? (Round your answer to one decimal place.)

Answer 1

3 = (1 + 0.03/365)^365t

3 = 1.000082^365t

ln 3 = 365t (ln 1.000082)

Cqlculate t and answer.