Question
Sally holds an investment with an interest rate of 12.3% compounded annually.
How many years will it take for her investment to triple in value?
13
6
7
9
4
How many years will it take for her investment to triple in value?
13
6
7
9
4
Answers
(1 + .123)^y = 3
y = log(3) / log(1.123)
y = log(3) / log(1.123)
9 years
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