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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Solve for i
(1+i)^(4*8) = 3
(1+i)^4 - 1 = j
Alternatively, one could solve directly for j with only a little thought.
now i see. thank you very much
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