Question
1.) What rate of interest compounded annually is required to triple an investment in 20 years? 2.) How long does it take for an investment
1.) What rate of interest compounded annually is required to triple an investment in 20 years?
2.) How long does it take for an investment to double in value if it is invested at 3% compounded monthly?Compounded continuously?
3.) If Tanisha has $1,000 to invest at 7% per annum compounded quarterly, how long will it be before she has $1,500? If the compounding is continuous, how long will it be?
4.) Jerome will be buying a used car for $9,000 in 4 years. How much money should he ask his parents for now so that, if he invests it at 7% compounded continuously, he will have enough to buy the car?
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