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Janice has 5000 invested in a bank that pays 6.2 annually. How long will it take for her funds to triple?
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Janice has 5000 invested in a bank that pays 6.2 annually. How long will it take for her funds to triple?

User Eaglesky
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1 Answer

2 votes

Answer:

18.26 yrs

Step-by-step explanation:

Calculation for how long will it take for her funds to triple

Based on the information given we were to use financial calculator to find How long will it take for her funds to triple

I/YR= 6.2% annually

PV=Present Value = -$5,000

PMT= 0

FV=Face Value = $15,000 ($5,000 x 3)

N (yrs)=18.26years

Therefore how long will it take for her funds to triple will be 18.26 years

User DeweyOx
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