Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

an effective annual interest rate of 12.95% how many years will it take a given amount to Triple in value

Sagot :

Answer:

Number of year n = 9 year (Approx)

Explanation:

Given:

Effective annual interest rate = 12.95% = 0.1295

Find:

Number of year n

Assume;

Invested = P

Amount = 3P

So,

3P = P(1+0.1295)ⁿ

3 = 1.1295ⁿ

n = 9

Number of year n = 9 year (Approx)

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.