How many years will it take an investment to triple if the interest rate is 6% compounded continuously? (round up your answer to the nearest integer)
How many years will it take an investment to triple if the interest rate is 6% compounded continuously? (round up your answer to the nearest integer)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![How many years will it take an investment to triple if the interest rate is 6% compounded
continuously? (round up your answer to the nearest integer)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5d42859-e5e8-4f15-a67a-4f613fb2e454%2F200343f9-c218-4b9c-afeb-d11a172c3c47%2Fiqt049_processed.png&w=3840&q=75)
Transcribed Image Text:How many years will it take an investment to triple if the interest rate is 6% compounded
continuously? (round up your answer to the nearest integer)
Expert Solution
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Step 1
Given:
Future value = 3 * Present value
Thus FV = 3PV
Interest rate (i) = 0.06
Time (t) = ?
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Solved in 2 steps
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