Triple your money at 14% compounded monthly

Reference no: EM13242702

for this question you used 11% instead of 14%. Can you please view.
Question 13
How many years will it take to triple your money at 14% compounded monthly?
Enter your answer rounded off to TWO decimal points. Do not enter "years" in the answer box.

FV = PV*(1+i/12)^n
So (1+11%/12)^n = 3
N log (1+11%/12) = Log 3
N = Log 3 / (log (1 + 11%/12) = 120.39 months
So No of months = 120.29/12 = 10.03 Yrs

Reference no: EM13242702

Questions Cloud

What should the forward rate between the two countries be : Suppose that the interest rate in Japan is 5%, the interest rate in Bhutan is 3%, and the spot exchange rate is 5 units of the Bhutan currency per unit of Japanese. What should the forward rate between these two countries be

Solution of the nonhomogeneous differential equation : Determine whether the improper integral is convergent or divergent and find the general solution of the nonhomogeneous differential equation

What is the tension of the string : In an electricity experiment, a 0.800g plastic ball is suspended on a 51.0cm long string and given an electric charge. what is the tension of the string

What is the price elasticity of demand at equilibrium point : where P is the price in dollars per litre, Qd is the quanity demanded in millions of litres per year, and Qs is the quanity supplied in millions of litres per year. what is the price elasticity of demand atthe equilibrium point

Triple your money at 14% compounded monthly : How many years will it take to triple your money at 14% compounded monthly?

Find the final charge q1 and q2 : Consider two widely separated conducting spheres, 1 and 2, the second having six times the diameter of the first. Find the final charge q1 and q2

Calculate aggregate social welfare in the competitive market : b. Calculate the aggregate social welfare in the competitive market c. Suppose Christmas tree suppliers get together to form a price-setting cartel (monopoly). What will price and quantity in this market be

Draw a diagram to indicate the direction of the force : Suppose the particle has a charge q = 2.6 ?C and is moving with a velocity of magnitude v = 1.2 × 103 m s?1, Draw a diagram to indicate the direction of the force on the particle

What is the net present value of the following cash flows : What is the net present value of the following cash flows? Assume an interest rate of 3.59%

User Account

All Pages