# The duration to triple the amount.Given: Interest is 8\% compouned annually.

The duration to triple the amount.
Given: Interest is $8\mathrm{%}$ compouned annually.
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2abehn
Calculation:
Let the present value be P.
Then future value will be 3P.
Write the expression to calculate the future value.
$F=P{\left(1+i\right)}^{n}$ .......(I)
Here, the future value is F, the present value is P, the rate of interest is i and the time period is n.
Substitute P for P, 3P for F and 0.08 for i in Equation (I).
$3P=P{\left(1+0.08\right)}^{n}$
$3={\left(1.08\right)}^{n}$
Solve for the value of n.
$n=14.27$ years.
Conclusion:
Thus, the correct answer is option (b) 14.27 years.