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Could someone please check my work? If your savings account earns nominal interest of 20% per year. How long will it Take for your Savings

Could someone please check my work?

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If your savings account earns nominal interest of 20% per year. How long will it Take for your Savings balance To Triple if The interest is continuously compounded? Let t= number of years it Takes the savings balance To Triple ter nominal interest rate be denoted by r=. 20 Given That the effective interest rate here is 3 ( or 300 %% or Triple ) , Then To findt: 3 = e rt 2 3 = .2t - 1 4 = 0.2t -> log4 = loge. at - log4 = . at log e - log4 loge =. 2t 105 4 ) loge at = = 6. 9 314 7/ 806 years . 2

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