In how many years does an investment of $5,000 triple if invested at a simple monthly interest rate of 2%?

To find the number of years necessary for the investment to triple:

1. Use the simple interest formula:
A = P(1 + rt)

2. Substitute the given values:
A = 3 \times 5000 = 15000 , P = 5000 , r = 0.02 (monthly).

3. Set up the equation:
15000 = 5000 (1 + 0.02t)

4. Solve for \( t \):
3 = 1 + 0.02t
2 = 0.02t
t = \frac{2}{0.02}
t = 100 \text{ months}

5. Convert months to years:
t = \frac{100}{12}
t \approx 8.33 \text{ years}

Hence, the investment triples in approximately 8.33 years.