Answer:
73.3 years
Step-by-step explanation:
Use the Compound Amount formula:
A = P(1 + r/n)^(n*t)
Here A = 3P, r = 0.015, n = 12, and so we have:
3 = (1 + 0.015/12)^(12*t). Find t (in years)
3 = (1.00125)^(12*t)
Take the log of both sides. We get:
log 3 = (12*t)(log 1.00125), or 0.47712 = (12*t)(5.425*10^(-4)
0.47712
Solving this for t, we get t = --------------------------- = 73.3 years
(12)(5.425*10^(-4))
