Find the Length of Time for $25000 to Triple When

question 3

Short Answer

Find the length of time for $25000 to triple when it is invested at 5% annual interest, compounded continuously. Please round the answer to one decimal place. __________ yr

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Definitions:

Long-Run Equilibrium

A state in economics where all factors of production and costs are variable, leading to a situation where firms are earning normal profits and no new firms enter or exit the industry.

Plaster

A building material used for coating, protecting, and decorating walls and ceilings, made from lime, sand, and water.

Labor

The involvement of human physical exertion and cognitive efforts in the manufacture of goods and services.

Interest Rate

The percentage charged on borrowed money or paid on invested capital, representing the cost of borrowing or the gain on investing.