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frog prince
frog prince asked in Business & FinanceInvesting · 8 years ago

How long does it take to triple an investment compounded daily at 7% annual interest?

Please show me how you got the answer!! Thanks!

1 Answer

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  • mracquire
    Lv 5
    8 years ago
    Favorite Answer

    The formula for the number of periods, #, to realize a future value, fv, given a present value, pv, rate, r, and number of compounded periods per year, n, is

    # = ln(fv/pv)/ln(1+r/n)

    So,

    # = ln(3/1)/ln(1+.07/365) = 5729.027651 days which is approximately 15 years, 8 months, and 11 days.

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