How long will it take for money to at least triple at aninterest rate of:...

How long will it take for money to at least triple at an interest rate of: B: 8% compounded monthly?

Expert Solution

We know that,

Future Value = Present value * (1+ monthly rate)^number of months

3x = x * (1+ 0.08/12)^number of months

3 = (1+ 0.08/12)^number of months

Taking Log

Log(3) = number of months * Log(1+0.08/12)

number of months = 165.34 months

jeff jeffy answered 2 years ago

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