ediculeN

2021-08-22

The duration to triple the amount.

Given: Interest is$8\mathrm{\%}$ compouned annually.

Given: Interest is

2abehn

Skilled2021-08-23Added 88 answers

Calculation:

Let the present value be P.

Then future value will be 3P.

Write the expression to calculate the future value.

$F=P{(1+i)}^{n}$ .......(I)

Here, the future value is F, the present value is P, the rate of interest is i and the time period is n.

Substitute P for P, 3P for F and 0.08 for i in Equation (I).

$3P=P{(1+0.08)}^{n}$

$3={\left(1.08\right)}^{n}$

Solve for the value of n.

$n=14.27$ years.

Conclusion:

Thus, the correct answer is option (b) 14.27 years.

Let the present value be P.

Then future value will be 3P.

Write the expression to calculate the future value.

Here, the future value is F, the present value is P, the rate of interest is i and the time period is n.

Substitute P for P, 3P for F and 0.08 for i in Equation (I).

Solve for the value of n.

Conclusion:

Thus, the correct answer is option (b) 14.27 years.

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