Question

At what rate percent a sum of money triple itself in 15 years

Answer 1

Answer:

7.60%

Step-by-step explanation:

Given that you start of with x at the beginning of the first year, you would want to have 3x in 15 years.

x multiplied by interest rate compounded 15 times will give 3x.

x(1.0+ r)^15 = 3x

(1.0+r)^15 = 3

(1.0+r) = \sqrt[15]{3}

          = 1.075989625

r = 1.075989625-1

 = 0.075989625

 = 7.60% rate per year

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