math

posted by .

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 -

    A=PR^6 (calculate future value from present value P)
    R^6=A/P=3 (triple)
    R=3^(1/6) (sixth root of 3)

  • math -

    12

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    Your Aunt will give your $1,ooo if you invest it for 10 years in an account that pays 20% interest compounded annually. That is, at the end end of each year your interest will be added to your account and invested at 20%. What will …
  2. Algebra

    Greta invests $10,000 in an investment that pays 3% interest, compounded annually, for the first three years, then 9% interest, compounded annually, for the last three years. Rui invests $10,000 in an investment that pays r% for all …
  3. Finance

    Find the lump sum deposited today that will yield the same total amount as payments of $10,000 at the end of each year for 15 years at a rate of 4% compounded annually.
  4. Math

    If 3000 dollars is invested in a bank account at an interest rate of 6 per cent per year, find the amount in the bank after 12 years if interest is compounded annually Find the amount in the bank after 12 years if interest is compounded …
  5. math

    Jim Hunter decided to retire to Florida in 10 years. What amount should Jim invest today so that he will be able to withdraw $25,000 at the end of each year for 30 years after he retires. Assume he can invest money at 9% interest compounded …
  6. Math

    Jim Hunter decided to retire to Florida in 10 years. What amount should Jim invest today so that he will be able to withdraw $25,000 at the end of each year for 30 years after he retires. Assume he can invest money at 9% interest compounded …
  7. Math

    Jim Hunter decided to retire to Florida in 10 years. What amount should Jim invest today so that he will be able to withdraw $25,000 at the end of each year for 30 years after he retires?
  8. Compound interest

    Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in …
  9. MatHematics

    After a 20 year period Josh's lump sum investment matures to an amount of R313550. How much did he invest if his money earned interest at a rate of 13,65% p.a compounded half yearly for the first 10years ,8,4% p.a compounded quarterly …
  10. Math

    Using the formula. I =Prt ,calculate the simple interest where t=1/n and n is the number of periodd per year for compounding. You have $20,000 and wished to invest it in one of two ways. Option A: You may invest it in a certificate …

More Similar Questions