Solve the problem.
-You have money in an account at $10 \%$ interest, compounded monthly. To the nearest year, how long will it take for your money to triple?
A) 9 years
B) 7 years
C) 11 years
D) 15 years

Question

Quizplus · Accepted Answer

To find the time it takes for money to triple at 10% interest compounded monthly, use the formula $A = P(1 + \frac{r}{n})^{nt}$. Here, $A = 3P$, $r = 0.10$, and $n = 12$. Solving $3 = (1 + \frac{0.10}{12})^{12t}$ gives approximately 11 years.

Solve the Problem 10%10 \%10% Interest, Compounded Monthly

Solve the Problem $10 \%$ Interest, Compounded Monthly