Question

How long will it take for money to tripe at a rate of 4.5% compounded quarterly?

Answer #1

Here we will use the following formula:

**FV = PV * (1 + r%)n**

where, FV = Future value, PV = Present value, r = rate of interest = 4.5% compounded quarterly, so quarterly rate = 4.5% / 4 = 1.125% , n= time period = n

Suppose Present value (PV) is $100 and Future valyue (FV) is 3 * $100 = $300, then,

putting theses values in the above equation, we get,

$300 = $100 * (1 + 1.125%)n

$300 / $100 = (1 + 0.01125)n

3 = (1.01125)n

(3)n = 1.01125

(1.01125)98.5 = (1.01125)n

n = 98.5

So, it will take 98.5 quarters or 98.5 / 4 = **24.62
years**, for the money to triple.

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How long would it take for money to triple in value if
invested at:
a.9% compounded annually
b. 9% compounded monthly
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c.12% compounded monthly

How long would it take to triple your money if the interest rate
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5% compounded monthly
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%
compounded annually?
It will take
______
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How
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compounded quarterly?
Ignoring leap uears, the investment will be doubled in _____
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needed.)
I'm having a problem, all the explanations I've received give
me a response of 17.42 years; however, my book says 17 years and
151 days - how do I get the 151 days???? im so confused. can the
exact answer be obtained...

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