Janice has $5,000 invested in a bank that pays 8.8% annually. How long will it t

Question

     Janice has $5,000 invested in a bank that pays 8.8% annually.  How long will it take for
her funds to triple?           
          
    
          a.            13.03 years                             b.            11.33 years                             c.            14.85 years                             d.            9.90 years                             e.            9.77 years










13.03 years 11.33 years 14.85 years 9.90 years 9.77 years      Janice has $5,000 invested in a bank that pays 8.8% annually.  How long will it take for
her funds to triple?           
          
    
          a.            13.03 years                             b.            11.33 years                             c.            14.85 years                             d.            9.90 years                             e.            9.77 years

Explanation / Answer

15000 = 5000 * (1+ 0.088)^n

n = 13.03 years

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