geezwell9110 geezwell9110
  • 18-11-2020
  • Business
contestada

You have $5,000 invested in a bank that pays 3.8% annually. How long will it take for your funds to triple?

Respuesta :

gurinder gurinder
  • 18-11-2020
Using compound interest
5000 x 1.035^32 gives me 15033 which is triple the original value, therefore it’s 32 years
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