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.

If you deposit $1000 at a rate of 7.5% compounded quarterly, how
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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
b.12% compounded quarterly
c.12% compounded monthly

How long would it take to triple your money if the interest rate
was:
5% compounded yearly
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How long will it take money to triple at an APR of
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%
compounded annually?
It will take
______
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long would it take to double your money in an account paying 4%
compounded quarterly?
Ignoring leap uears, the investment will be doubled in _____
years and _____ days. (Round to the nearest whole number as
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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