How long will it take money to triple at an APR of
It will take
years to triple an amount of money earning
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
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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