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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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

Step 1
Given:
Future value = 3 * Present value
Thus FV = 3PV
Interest rate (i) = 0.06
Time (t) = ?
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