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How many months will money become three times itself at 6% compounded semiannually

 Nov 4, 2019
 #1
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y = (1.06*0.5)/3

then y roundeddown then multiplied by 6 isyour answer

 Nov 4, 2019
 #2
avatar+105238 
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3A  = A ( 1 + .06 / 2)^(N * 2)    where N is in years

 

3  =  (1.03)^(2N)   take the log of both sides

 

log 3  = log (1.03)^(2N)

 

log 3  =  (2N) log (1.03)

 

N  =  log (3)  [ 2 log (1.03)]   ≈  18.58 years  ≈ 18 years  and 7 months  = 223  months

 

 

cool cool cool

 Nov 4, 2019

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