You invest $5,000.00 today in an investment account that generates 5% per annum.How long will it take (in years) to triple your investment?Round your answer to 2 decimal places, do not type "years" in the answer box.

To calculate the time it will take to triple your investment, we can use the formula for compound interest and solve for t (time):

A = P (1 + r)^t

where: A = the amount of money accumulated after n years, including interest. P = principal amount (the initial amount of money) r = annual interest rate (in decimal) t = time the money is invested for in years

Given: A = 3 * P = 3 * $5,000 =$15,000 P = $5,000 r = 5% per annum = 0.05 (in decimal)

Substituting these values into the formula and solving for t:

$15,000 =$5,000 (1 + 0.05)^t

Divide both sides by $5,000:

3 = (1.05)^t

Take the natural logarithm (ln) of both sides:

ln(3) = t * ln(1.05)

Solve for t:

t = ln(3) / ln(1.05)

Now, calculate the values:

t = 1.099 / 0.0488

t = 22.53 years

So, it will take approximately 22.53 years to triple your investment.