Question 1162508
what rate of interest compounded annually is required to triple an investment in 22 years?
<pre>Future value formula: {{{matrix(1,3, A, "=", P(1 + i/m)^(mt))}}}
{{{matrix(3,3, A/P, "=", (1 + i/m)^(mt), 3/1, "=", (1 + i/1)^(1 * 22), 3, "=", (1 + i)^22)}}}
{{{matrix(1,3, matrix(2,1, " ", 3^(1/22)), "=", (1 + i)^(22 * (1/22)))}}} ------ RAISING both sides to the {{{(1/22)^(nd)}}} power
{{{matrix(1,3, matrix(2,1, " ", 3^(1/22)), "=", 1 + i)}}}
Interest rate, or {{{highlight_green(matrix(1,7, i, "=", matrix(2,1, " ", 3^(1/22) - 1), "=",  "0.051204787,", or, "5.1204787%"))}}}</pre>