Answer:
25 years
Explanation:
Given
Using A = P(1+r/n)^nt
Where P = Principal Amount Invested
r = rate = 4.5% = 0.045
n = annually = 1
t = years = ?
A = Amount = Triple of Principal = 3P
A = P(1+r/n)^nt becomes
3P = P(1+0.045/1)^1*t
3P = P(1.045)^t --------- Divide Through by P
3 = 1.045^t --------- Find the logarithm of both sides
Log3 = Log1.045^t
Log 3 = tLog1.045 --------- Make t the subject of formula
t = Log3/Log1.045
t = 24.9588828983670261
t = 25 (approximated)
