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Find out how long it takes a 8800 investment to triple if it is invested at 7 percent compounded monthly?
Updated: 12/19/2022
Wiki User
∙ 14y agoBest Answer
P= 8800 Fv = 26400 i=7% n=?
Fv=P(1+i)to the power n
26400 =8800 (1+0.07/12) to the power 12n
n=15.83years
since it is compounded monthly we divide the rate by 12 and multiply the number of years by 12.
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∙ 14y agoThis answer is:
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