Computing Time Periods Consider that you, a collqge student, have recently

been given a trust fund from your grandparents. The grandparents were concerned

about giving a large amount of money to a young person with no experience earning,

managing, or investing money. Therefore, they set up the trust so that the $l million

inheritance would have to triple in value to $3 million before you can have access to it.

They figured this would give you time to learn more about finance. Now you want to

estimate how long it will be before you can start spending some of the money. How

long will you have to wait if the fund earns an interest rate of 4 percent, 6 percent, or

9 percent per year?