Homework Help: math

Posted by Casey on Wednesday, May 4, 2011 at 6:44pm.

At approximately what rate would you have to invest a lump-sum amount today if you need the amount to triple in six years, assuming interest is compounded annually?

math - MathMate, Thursday, May 5, 2011 at 11:13am
A=PR^6 (calculate future value from present value P)
R^6=A/P=3 (triple)
R=3^(1/6) (sixth root of 3)

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