Asked by Lucas
Determine the compound interest rate,correct to two decimal places,Emile would require to triple his investment over a period of 10 years?
Answers
Answered by
Dr. Jane
Start with simple numbers..
Assume you have $1 and want to triple it to $3.
3 = (1 + r)^10
I am assuming that it is compounded yearly.
To solve you are going to have to take the ln or log of both sides.
Assume you have $1 and want to triple it to $3.
3 = (1 + r)^10
I am assuming that it is compounded yearly.
To solve you are going to have to take the ln or log of both sides.
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