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andrey2020 [161]
3 years ago
13

What rate of interest compounded annually is required to triple an investment in 10 years?

Mathematics
1 answer:
Trava [24]3 years ago
8 0

Answer:

The interest rate should be 11.6%.

Step-by-step explanation:

Let us assume that at r% rate of interest compounded annually is required to triple an investment of $P in 10 years.

So, using the formula of compound interest, we can write

3P = P(1 + \frac{r}{100})^{10}

⇒ 3 = (1 + \frac{r}{100})^{10}

⇒ (1 + \frac{r}{100}) = 1.116

⇒ \frac{r}{100} = 0.116

⇒ r = 11.6 %

Therefore, the interest rate should be 11.6%. (Answer)

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