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# How long will it take a sum of money to treble if it is

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Senior Manager
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How long will it take a sum of money to treble if it is [#permalink]  12 Jan 2004, 12:20
How long will it take a sum of money to treble if it is invested at 20% p.a. simple interest?
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what is 'treble'? If it means triple, then at annual simple interest, it will take 5 years : 1 / (1/5) = 5
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Paul

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treble = triple

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Director
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6 years, appx...

1.2^x = 3.

Anyone know the best way to solve this algebraically?

Last edited by stoolfi on 12 Jan 2004, 12:41, edited 1 time in total.
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Pls include reasoning along with all answer posts.
****GMAT Loco****
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Director
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Say you have $100, at 20% interest, compounded annually. after 1 year,$120
after 2 year, $144 after 3 year,$172
after 4 year, $207 after 5 year,$248
after 6 year, \$299
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Stoolfi, this is Simple Interest. Try again
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Damn, keep misreading those questions! I assumed triple but yet I calculate for double!!!
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Paul

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10 years: 2 / (1/5) = 10
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Paul

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Director
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I had honestly forgotten what simple interest was!

Can anyone show me the algebra to solve the equation I posted earlier?

1.2^x = 3
Director
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Alright, we need logarithms to figure this, nevermind...
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No, we don't.

Three things to remember.
1) If the sum of money doubles, then the interest = the principal
2) If the sum of money triples, then the interest = 2(the principle)
3) If the sum of money quadruples, then the interest = 3(the principle)

Knowing this, Prt or Pnr which ever one u prefer/100 = 2(principle)
Therefore, 200/r = number of years
Hence, 200/20 = 10 years.
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Stoolfi, remember the 72 rule from the CFA to see how long it would take for an investment to double at a given compound interest rate? Is there any such rules for an investment to triple?
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Paul

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sunniboy,

I was referring to the equation I posted.
Director
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Paul,

There's gotta be, no?

I am in a hurry, buy maybe someone with some idle time could white a PS problem about it...
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[/quote]
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