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How do you do this?
Also please explain!:)​

How do you do this? Also please explain!:)​-example-1

1 Answer

2 votes

Answer:

answer b (0.73)

Explanation:

"Triple" means to increase in size by a factor of 3.

Thus, B = (1 + r)^2 becomes

3 = (1 + r)^2. Our task is to determine the value of r, the annual interest rate.

Taking the square root of both sides, we get

√3 = 1 + r, which yields √3 - 1 = r.

This is approx. 1.732 - 1.000, or 0.732. Answer b) is closest.

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