+598 At what nominal rate of interest will money triple itself in 9 years and 2 months if compounded monthly?
Any help would be greatly appreciated.
At what nominal rate of interest will money triple itself in 9 years and 2 months if compounded monthly?
This is the same as the last one. At what rate does $1 grow to $3 in 9 years and 2 months?
If you did it right, you will see it comes to: 12.04% compounded monthly=12.73% effective annual rate.
