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Gnesinka [82]
2 years ago
14

A present value of $2600 is invested in an account with an annual interest rate of 4.1% . Determine the minimum amount of time r

equired for the present value to triple, assuming the interest is compounded monthly. The minimum amount of time required is:
Business
1 answer:
Olin [163]2 years ago
5 0

Answer:

The minimum amount of time required is:

26.82 years.

Explanation:

Present value = $2,600

Future value = $7,800 ($2,600 * 3)

Annual interest rate = 4.1%

Monthly interest rate = 4.1%/12 = 0.342%

$2,600 will need to be invested for 321.781 (26.82 years) periods to reach the future value of $7,800.00.

FV (Future Value) $7,800.00

PV (Present Value) $2,600.00

N (Number of Periods) 321.781

I/Y (Interest Rate) 0.342%

PMT (Periodic Payment) $0.00

Starting Investment $2,600.00

Total Principal $2,600.00

Total Interest $5,200.00

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