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s2008m [1.1K]
2 years ago
8

Which of these is closest to the time in years that it will take an investment to triple when it is invested in an account that

pays 5.4% annual interest, compounded monthly?
20.4 years
20.9 years
2.1 years
0.25 year
Mathematics
1 answer:
kkurt [141]2 years ago
5 0

Answer:

20.4 years

Step-by-step explanation:

The nper formula in excel comes handy in this scenario:

=nper(rate,pmt,-pv,fv)

Rate is the monthly rate of 5.4%/12

Assuming actual investment is $5,000 which is pv

The triple amount would be $5,000*3=$15,000 which is future value fv.

pmt is the regular cash flow the investment which is zero

=nper(5.4%/12,0,-5000,15000)= 244.68  months

Yearly it can be expressed as = 244.68/12  =20.39  years

When rounded to one decimal place it becomes 20.4 years

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