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How long would it take in years to triple your money if you earned 3
How long would it take in years to triple your money if you earned 3.5%, compounded monthly?
Expert Solution
We can calculate the number of payments period by using the following formula in excel:-
=nper(rate,pmt,-pv,fv)
Here,
Nper = Number of payments period (monthly)
Rate = 3.5%/12 = 0.2917% (monthly)
Pmt = 0
PV = $100
FV = $100*3 = $300
Substituting the values in formula:
= nper(0.2917%,0,-100,300)
= 377.22 months
Number of years = Nper / 12
= 377.22 / 12
= 31.43 years
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