Math Problem Statement

Find the time required for an investment of 3,000 dollars to grow to 9,000 dollars at an interest rate of 5% per year, compounded monthly. Give your answer accurate to 2 decimal places.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth
Logarithms

Formulas

A = P (1 + r/n)^(nt)
ln(a^b) = b * ln(a)
t = ln(A/P) / (n * ln(1 + r/n))

Theorems

Logarithmic Properties

Suitable Grade Level

Grades 10-12