Calculating time period and future value in the given cases
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1. If you presently have $6,000 invested at a rate of 15%, how many years will it take for your investment to triple? (Round up to a whole number of years if necessary)
2. You deposit $1,000 in a savings account that pays 8% compounded quarterly. How much money will you receive if you close the account after 18 months?
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Solution Summary
There are two problems. Solution to first problem describes the steps to calculate number of years by which given investment will become thrice of the initial investment. Solution to second problem depicts the methodology to calculate future value of the given deposit.
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1. If you presently have $6,000 invested at a rate of 15%, how many years will it take for your investment to triple? (Round up to a whole number of years if necessary)
Present Value ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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