How long will it take the money to triple itself if invested at 9.5% compounded semi-annually
Answer:
Principal (P) = 100
Amount = 300
Years (n)=?
Rate = 9.5% = 0.95
n = ln(FV / PV) / ln(1 + r)
n = (ln( 300/100 )/ln(1+0.095)
n = (1.1)/ln1.095)
n = (1.1 / 0.095)
n= 12.12 years
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