ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Morales Bank offers you 3.9% interest compounded monthly. How long will it take for your money to triple if you use Morales Bank?
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17 years and 10 months
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28 years and 2 months
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28 years and 3 months
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29 years
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Explanation:
Detailed explanation-1: -Thus, it will take 18.36 years.
Detailed explanation-2: -Answer and Explanation: Hence, the number year required to triple the principal approximately are 17 years.
Detailed explanation-3: -Answer: Approximately 13.5 years to triple.
Detailed explanation-4: -Answer and Explanation: Hence, it will take 9.2 years for an investment to triple if it is compounded continuously at 12%.
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