Answer:
It will take 30 years for Janice's funds to triple.
Explanation:
To know the annual interest that throws a certain amount, we must make the following mathematical calculation: Initial amount x 1.(interest), that is, to calculate based on $5,000 an interest of 3.8% per year, the calculation is 5,000 x 1.038.
Year 0: 5,000
Year 1: 5,000 x 1.038 = 5,190
Year 2: 5,190 x 1.038 = 5,387.2
Year 3: 5,387.2 x 1.038 = 5,591.9
Year 4: 5,591.9 x 1.038 = 5,804.4
Year 5: 5,804.4 x 1.038 = 6,025
Year 6: 6,025 x 1.038 = 6,253.9
Year 7: 6,253.9 x 1.038 = 6,491.6
Year 8: 6,491.6 x 1.038 = 6,738.2
Year 9: 6,738.2 x 1.038 = 6,994.3
Year 10: 6,994.3 x 1.038 = 7,260.1
Year 11: 7,260.1 x 1.038 = 7,536
Year 12: 7,536 x 1.038 = 7,822.3
Year 13: 7,822.3 x 1.038 = 8,119.6
Year 14: 8,119.6 x 1.038 = 8,428.1
Year 15: 8,428.1 x 1.038 = 8,748.4
Year 16: 8,748.4 x 1.038 = 9,080.8
Year 17: 9,080.8 x 1.038 = 9,425.9
Year 18: 9,425.9 x 1.038 = 9,784.1
Year 19: 9,784.1 x 1.038 = 10,155.9
Year 20: 10,155.9 x 1.038 = 10,541.8
Year 21: 10,541.8 x 1.038 = 10,942.4
Year 22: 10,942.4 x 1.038 = 11,358.2
Year 23: 11,358.2 x 1.038 = 11,789.8
Year 24: 11,789 x 1.038 = 12,237.8
Year 25: 12,237.8 x 1.038 = 12,702.9
Year 26: 12,702.9 x 1.038 = 13,185.6
Year 27: 13,185.6 x 1.038 = 13,686.7
Year 28: 13,686.7 x 1.038 = 14,206.7
Year 29: 14,206.7 x 1.038 = 14,746.6
Year 30: 14,746.6 x 1.038 = 15,307
