Ask Question
9 December, 02:38

If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is compounded annually? Round your answer to two decimal places.

... ?

+1
Answers (1)
  1. 9 December, 05:07
    0
    A = P (1 + r/n) ^nt

    21000=7000 (1+0.055/2) ^1t

    t = 20.52 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If $7,000 is placed in an account with an annual interest rate of 5.5%, how long will it take the amount to triple if the interest is ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers