What rate of interest compounded annually is required to triple an investment in 9 years? The rate of interest required is %.
(Round to two decimal places as needed.)

Answer :

13%

Step-by-step explanation:

Compound interest which is compounded annually calculated using the formula :

A = I( 1 + r/100)^t

Where I = invested amount

r = interest rate ; t = period ; A = final amount

If period = 9years, the rate required to triple the investment equals;

The final amount = 3 * invested amount = 3I

We now have ;

3I = I( 1 + r/100)^9

Divide both sides by I

3 = (1 + r/100)^9

Take the 9th root of both sides

3^(1/9) = (1 + r/100)^(9*1/9)

3^(1/9) = 1 + r/100

r/100 = 3^(1/9) - 1

r/100 = 1.1298309 - 1

r / 100 = 0.1298309

Multiply both sides by 100

r = 12.98309

r = 12.98 = 13%

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step-by-step explanation: