Determines in years (with an approximation of 2 decimals the time T needed to triple an initial amount Co placed in a banking institution that models the investment with the equation?

Question

Determines in years (with an approximation of 2 decimals the time T needed to triple an initial amount Co placed in a banking institution that models the investment with the equation.

answers:
A) 5.33
B) 53.32
C) 8.45
D)84.51

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Answer 1 · 2017-12-06T20:27:33

$8.45$

Using an arbitrary value for the initial amount, say $10.

Triple this is $30. So:

$30=10e^(0.13t)$

Dividing by 10:

$3=e^(0.13t)$

Taking natural logs of both sides:

$ln3=0.13tcolor(white)(88)$ ( $lne=1$ , log of base is always 1 )

Divide by $0.13$

$ln3/0.13=t=>t=8.450863759=8.45$ ( 2 .d.p.)