EXERCISEAfter 5.63years, the principal amount tripled. If the interest rate is 5%. What isthe method of compounding used?

Use the formula for the compound interest and then find the method.

Answered: After 5.63years, the principal amount…

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 26E

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After 5.63years, the principal amount tripled. If the interest rate is 5%. What is the method of compounding used?