Asked by Page

You have $2500 to invest at 6% interest compounded quarterly. For how many years will the money need to be invested for that amount to triple?
correct answer is in decimal form rounded to the nearest half year

Answers

Answered by Damon
.06/4 = .015
1.015^(n) = 3
n log 1.015 = log 3
n = 73.8 quarterly periods
n/4 = 18.4 or 18 1/2 years
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions