SOLUTION: What rate of interest compounded annually is required to triple an investment in 10 years?

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: What rate of interest compounded annually is required to triple an investment in 10 years?      Log On


   

Question 418772: What rate of interest compounded annually is required to triple an investment in 10 years?
Found 2 solutions by Alan3354, ewatrrr:
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Do it like this one.
--------------------
What rate of interest compounded annually is required to double an investment in 6 years?
----------------
2A = A*(1 + r)^6
(1 + r)^6 = 2
1%2Br+=+2%5E%281%2F6%29
1 + r =~ 1.1225
r =~ 12.25%

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

What rate of interest compounded annually is required to triple an investment in 10 years?

A= p(1+r)^t 

A/p = (1+r)^t 

 3 = (1+r)^10

 1.116 = 1 + r

   .116 = r  11.6%