You have $1,100 today and want to triple your money in 5 years.What interest rate must you earn if the interest is compounded annually?
A)18.08 percent
B)19.90 percent
C)22.15 percent
D)24.57 percent
E)27.21 percent

Name: You have $1,100 today and want to triple your money in 5 years.What interest rate must you earn if the interest is compounded annually? A)18.08 percent B)19.90 percent C)22.15 percent D)24.57 percent E)27.21 percent
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Question

Quizplus · Accepted Answer

$3,300 = $1,100 × (1 + r)⁵; r = 24.57 percent

You Have $1,100 Today and Want to Triple Your Money