Question

Select the correct answer from each drop-down menu. Roger invested a certain amount into an account with an interest rate of 10 percent compounded annually. It will take approximately years before Roger’s investment is triple the original amount invested. If his friend invested twice as much as Roger in the same bank, it takes time for his investment to triple the original amount invested

Answer 1

The number of years it would take Roger's investment to triple in value is 10.97 years .

he number of years it would take the friend's investment to triple in value is 10.97 years

What is the tripling time for the investment?

The formula that can be used to determine when an investment would triple in value is:

Time =[In (FV / PV) ] / r

Where:

• PV = present value
• FV = future value
• r = interest rate
• FV / PV = 3

Roger and roger's friend: (in 3) / 0.1 = 10.97 years

To learn more about tripling time, please check: https://brainly.com/question/21841217

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