00:01
So in question 4, we want to know how long it will take your money to triple that interest rate of 6 % with compounding that is annual.
00:18
So, i'm just going to write the compound interest formula.
00:25
How long means we're solving for t and we want to triple our money.
00:32
So, if p is our deposit, we want to end up with 3 times p.
00:38
And that's 1 plus .06 annual compounding, 1 t power.
00:45
Divide by p, so 3 equals 1 .06 to the t power.
00:53
Now take the log of both sides.
00:57
Use your log properties and bring that exponent down.
01:03
Divide both sides by log 1 .06.
01:08
Grab a calculator, log of 3, divide that result by log 1 .06...