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What rate of interest compounded annually is required to triple an investment in six years ?

The rate of interest required is ?
%

What rate of interest compounded annually is required to triple an investment in six-example-1
User STA
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1 Answer

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Answer:


{(1 + r)}^(6) = 3


1 + r = \sqrt[6]{3}


r = \sqrt[6]{3} - 1 = .2009 = 20.09\%

User Nichola
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