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Get the answer to your homework problem. Try Numerade free for 7 days Phillip A. Algebra 4 months, 3 weeks ago DiscussionYou must be signed in to discuss. Video TranscriptOkay here we use the compound interest formula with the growth formula which is a the end amount equals p. Starting amount one plus r over 100 where r. Is the interest rate and t. Number of years. So here I want p. to become three p. So the money I deposit triples are I want to find over 100 And T. is 10 years. So divide by P. On both sides I get three equals one plus Are over a 100 power of 10. Don't just take power 1 10th of both sides like this. So it was a calculator three power 1/10 Gives me 1.11 612. And here of course these two just cancel out And we have one plus are over a 100 Now take one from both sides. 0.11612 Equals are over a 100 which means Are has to be 11.612 percent. And what they want here. Okay no mention the back he receives. So I will just say then 11.6 per year if you compound annually Numerade has step-by-step video solutions, matched directly to more than +2,000 textbooks. Transcribed Image Text:What rate of interest compounded annually is required to triple an investment in 11 years? The rate of interest required is %. (Round to two decimal places as needed.) Enter your answer in the answer box and then click Check Answer. All parts showing MacE 80 000 000 esc F1 F2 F3 F4 FS $ 4 # 3
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At what interest rate will a sum of money Triple itself in 10 years time?Money triple in 10 years. Calculation: Let the principal be 'x'. ∴ The annual rate of interest is 20%.
What rate of interest compounded annually is required to triple an investment in 5 years blank 1%?Thus, the interest rate should be 24.57%.
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What rate of interest compounded annually is required to triple an investment in 11 years
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