Time to Double or Triple an Investment The formula can be
Chapter 6, Problem 67(choose chapter or problem)
Time to Double or Triple an Investment The formula can be used to find the number of years t required to multiply an investment m times when r is the per annum interest rate compounded n times a year. (a) How many years will it take to double the value of an IRA that compounds annually at the rate of 12%? (b) How many years will it take to triple the value of a savings account that compounds quarterly at an annual rate of 6%? (c) Give a derivation of this formula.t = ln m n lna1 + r n b
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