Multiple Choice
How long must one wait (to the nearest year) for an initial investment of $1,000 to triple in value if the investment earns 8 percent compounded annually?
A) 9
B) 14
C) 22
D) 25 $3,000 = 1,000(1.08) n
3 = (1.08) n
14) 27, or approx.14 yrs.= N
Correct Answer:
Verified
Correct Answer:
Verified
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