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If $5000 was invested at a rate of 5%, how many years would it take to triple if it is compounded daily

If $5000 was invested at a rate of 5%, how many years would it take to triple if it is compounded daily
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If $5000 was invested at a rate of 5%, how many years would it take to triple if it is compounded daily

asked
User Heinzi
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2 Answers

2 votes
Answer...
23 years

Have a nice day :)
answered
User Tri Bui
by
9.0k points
2 votes

Answer:

If your money earns a 5 percent interest rate, it will triple in 23 years (115 divided by 5 equals 23).

Explanation:

answered
User Morcutt
by
8.1k points
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