What rate of interest compounded annually is required to triple an investment in 20 years? The rate of interest required is %? (Round to 2 decimal places as needed)
FV=PV[1+R]^N
$3=$1[1+ R]^20 take the 20th root of both sides
3^(1/20) = 1 + R
1.056467 = 1 + R subtract 1 from both sides.
R =0.0565 x 100
R=5.65% - annual interest rate required to triple your money in 20 years.
