you want to triple your money in 17 years. what is the rate of return if...

you want to triple your money in 17 years. what is the rate of return if the interest rate is compounded quarterly?

Expert Solution

FV = 3 * PV (money to be tripled)

n = 17 * 4 = 68 (quarterly)

3 * PV = PV * (1 + r)⁶⁸

3 = (1 + r)⁶⁸

1.0163 = 1 + r

r = 0.0163

r = 1.63%

jeff jeffy answered 2 years ago

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