Approximately how long would it take an investment that is compounded annually to triple at an interest rate of 6%?
1 answer:
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Answer:
see the explanation
Step-by-step explanation:
Let
A (1,6)------> location Brianna's house on a map
B (5,3)------> location Jordan's house on a map
we know that
One possible path from Brianna's house to Jordan's house it's a straight line ( the shortest distance)
using a graph tool
see the attached figure
<em>Find the distance points AB</em>
the formula to calculate the distance between two points is equal to
substitute the values
The distance from Brianna's house to Jordan's house is 5 units
Answer:
The amount which will be in account after 6 years is $ 1120 .
Step-by-step explanation:
Given as :
The principal in the account = $740
The rate of interest = 6.7 % compounded monthly
The time period = 6 years
Let the Amount in the account after 6 years = A
<u>From compound interest method </u>
Amount = Principal ×
Or, A = $ 740 ×
Or, A = $ 740 ×
or, A = $ 740 × 1.5164 = $ 1122.136
Hence The amount which will be in account after 6 years is $ 1120 . Answer