Question

How long will it take money to triple at an APR of

6.3

%

compounded annually?

It will take

______

years to triple an amount of money earning

6.3

%

compounded annually.

Answer #1

The compond interest formula:

A = The final amount of money ------- It is triple of intial amount therefore 3 * P

P = Initial amount----- is taken as P

r = annual rate of interest given 6.3 %

n = number of times interest is compunded in a year given as annualy compounded therefore 1

t = the number of years ----- This is to be found

Now by applying the given details into the formula

years

**17.98 years which can be approximately rounded to 18
years**

**Therefore the period money takes to triple if compounded
annualy at APR 6.3% Is 17.98 years approximately rounded to 18
years.**

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b. 9% compounded monthly
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