Find how long will it take for money to triple

Reference no: EM13155537

1. The State Employees' Credit Union offers a 1-year certificate of deposit with an APR (or effective rate) of 5.5%. If interest is compounded quarterly, find the actual interest rate. Round to the nearest tenth of a percent.

A)5.4% B) 5.1% C) 5.6% D) 6.4% E) not given

2. You have money in an account at 7% interest, compounded monthly. To the nearest year, how long will it take for your money to triple?not given

A) 22 years B) 9 years C) 13 years D) 16 years E) not given

Reference no: EM13155537

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