SOLUTION: What interest rate is needed to have money triple in 40 years when compounded quarterly?

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Question 436944: What interest rate is needed to have money triple in 40 years when compounded quarterly?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What interest rate is needed to have money triple in 40 years when compounded quarterly?
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Solve:
3P = P(1+(r/4))^(4*40)
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(1+(r/4)) = 3^(1/160
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r/4 = 1.00689 - 1
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r = 4(0.00689)
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rate = 0.0276 = 2.76%
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Cheers,
Stan H.