Based on the amount being deposited into the account each month, and the interest, the account will triple in value on 25 months..
When will the value of the account triple?
First find the value of the account when tripled:
= 1,000 x 3
= $3,000
We can then use a spreadsheet to find the number of periods it will take to triple.
Convert the interest to a monthly figure as:
= 3.15% / 12
= 0.2625%
When you put the figures into the spreadsheet as shown, the number of months would be 25 months.
Find out more on solving for investment periods at https://brainly.com/question/10380089.
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