Multiple Choice Question Natural Log with Example provided

Please show explanations.

How many months would it take for you to triple your initial deposit? The interest rate is 0.2%) month, compounded monthly. You made a deposit only once in the beginning. Express your answer as a decimal. ex) 33.2 months FV = PV(1 + r)^T FV/PV = (1 + r)^T log FV/PV = log[(1 + r)^T] log FV/PV = T times log[1 + r] log FV/PV/log[1 + r] = T log 3/1/log(1 + 0.002) = T log 3/log(1 + 0.002) = T T = 1.0986/0.001998 = 549.9 months Here, log() denotes the natural log. that is, "ln()"or "loge()". However, the answer does not change in this case even if you use a logarithm with a different base. How many years would it take for you to quadruple your initial deposit? The interest rate is 1.5%/year, compounded annually. You made a deposit only once in the beginning. To compute log 4, type "=LN(4)" in a cell of an Excel file without the quotation marks. 53.1 years 63.1 years 73.1 years 83.1 years 93.1 years