Sally holds an investment with an interest rate of 12.3% compounded annually. How many years will it take for her investment to triple in value?

7

9

13

6

4

No. of years it will take for the investment to get tripled:

t ≅ 9 years

Step-by-step explanation:

Interest rate = 12.3%

The compound interest formula is given by:

Where

A = Future amount

P = Present amount (Principal amount)

r = Interest rate in decimal form

n = No. of times compounded per year

t = time in years.

We can say that if:

Present amount = P

Future amount = 3P

r = 12.3/100 = 0.123

n = 1

t = ?

Substitute the values in the formula of compound interest:

Taking log on both sides.

Round off to nearest option

t ≅ 9 years

d.192

step-by-step explanation:

12*16=192

step-by-step explanation: