Here's one that is giving me brain freeze. Thank you in advance for any help>

At what effective interest rate will a sum of money be tripled in eight years when the interest is compounded quarterly?

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- Sep 28th 2009, 07:19 PMfullmonte60effective interest rate
Here's one that is giving me brain freeze. Thank you in advance for any help>

At what effective interest rate will a sum of money be tripled in eight years when the interest is compounded quarterly? - Sep 28th 2009, 08:18 PMTKHunny
Solve for i

(1+i)^(4*8) = 3

Calculate j

(1+i)^4 - 1 = j

Alternatively, one could solve directly for j with only a little thought. - Sep 28th 2009, 08:49 PMfullmonte60
now i see. thank you very much (Clapping)