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awigc7hibrigadose awigc7hibrigadose
  • 25-02-2017
  • Mathematics
Answered

At approximately what rate would you have to invest a lump-sum amount today if you need the amount to triple in six years, assuming interest is compounded annually?

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 01-03-2017

3p=p(1+r)^6
3=(1+r)^6
R=3^(1/6))-1=0.2*100=20%

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