Asked by brooke
how long would it take money to triple in an account with a one-time deposit earning 9% interest compounded two times per year?
Answers
Answered by
Reiny
1(1.045)^n = 3, where n is the number of half-years.
using logs ...
n log 1.045 = log 3
n = log3/log1.045 = 24.95888
or 25 half-years.
I would say 12.5 years.
using logs ...
n log 1.045 = log 3
n = log3/log1.045 = 24.95888
or 25 half-years.
I would say 12.5 years.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.