The compound interest formula is given by
$A = P(1 + \frac{r}{n})^{nt}$
where A is the accumulated amount, after an initial investment of P dollars is invested for t years, at
annual interest rate r, compounded n times per year.
Use the formula above to determine how long it will take an initial investment of $40,750 to triple, if the
account earns 6% interest per year, compounded monthly. Round the solution to two decimal places.
The account balance will triple after
years.
Use the formula above to determine how long it will take an initial investment of $40,750 to triple, if the
account earns 12% interest per year, compounded monthly. Round the solution to two decimal places.
The account balance will triple after
years.
