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

Respuesta :

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)

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