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gewusel gewusel
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7 years ago
What is the nominal rate of interest at which money will triple itself in eight years and six months if compounded semi-annually?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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7 years ago
PV = 1, FV = 3 n = 8 × 2 +   = 17
i =   - 1 =   - 1 = 1.0667581 - 1 = 0.0667581
The nominal annual rate is 0.066758117 × 2 × 100% = 13.351623%
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