An investment compounds annually at an interest rate of 10% What is the smallest investment period by which time the investment will more than triple in value? Choose the correct choice from the following answers
A) n =log 3/log 1.1 B) 11/10 ^n C) (11/10)^n D) 1.1^n E) 1.2^n
n =log 3/log 1.1ssume initial amount is x   n =log 3/log 1.1nnual Interest is 10% so after 1 year the amount will become x * (100+10)/100 =&gt; x*11/10   now we need to find n for x * (11/10)^n = 3x   or in other words or 3 =(11/10)^n or 3= (1.1^n)   log 3 =nlog 1.1 then n = log 3/log1.1   n =log 3/log 1.1
<result>A</result>
An investment compounds annually at an interest rate of 10% What is the smallest investment period by which time the investment will more than triple in value?