Triple your money at 14% compounded monthly

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Reference no: EM13242702

for this question you used 11% instead of 14%. Can you please view.
Question 13
How many years will it take to triple your money at 14% compounded monthly?
Enter your answer rounded off to TWO decimal points. Do not enter "years" in the answer box.

FV = PV*(1+i/12)^n
So (1+11%/12)^n = 3
N log (1+11%/12) = Log 3
N = Log 3 / (log (1 + 11%/12) = 120.39 months
So No of months = 120.29/12 = 10.03 Yrs

Reference no: EM13242702

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