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To triple $1 million, Mika invested today at an annual rate of return of 9 percent. How long will it take Mika to achieve his goal?
  • a)
    15.5 years
  • b)
    13.9 years
  • c)
    12.7 years
  • d)
    10 years
Correct answer is option 'C'. Can you explain this answer?

Answers

FV=PV(1+k)n
(3)(1,000,000)=1,000,000(1.09) n
ln(3)=(n)ln(1.09)
n=12.7 years
Or using a financial calculator (TI BAII Plus),
I/Y=9, PV= –1,000,000, PMT=0, FV=3,000,000, CPT N=12.7 years
option "C" 

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To triple $1 million, Mika invested today at an annual rate of return of 9 percent. How long will it take Mika to achieve his goal?a)15.5 yearsb)13.9 yearsc)12.7 yearsd)10 yearsCorrect answer is option 'C'. Can you explain this answer?

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To triple $1 million, Mika invested today at an annual rate of return of 9 percent. How long will it take Mika to achieve his goal?a)15.5 yearsb)13.9 yearsc)12.7 yearsd)10 yearsCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2023 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about To triple $1 million, Mika invested today at an annual rate of return of 9 percent. How long will it take Mika to achieve his goal?a)15.5 yearsb)13.9 yearsc)12.7 yearsd)10 yearsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2023 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for To triple $1 million, Mika invested today at an annual rate of return of 9 percent. How long will it take Mika to achieve his goal?a)15.5 yearsb)13.9 yearsc)12.7 yearsd)10 yearsCorrect answer is option 'C'. Can you explain this answer?.
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FV=PV(1+k)n(3)(1,000,000)=1,000,000(1.09) nln(3)=(n)ln(1.09)n=12.7 yearsOr using a financial calculator (TI BAII Plus),I/Y=9, PV= –1,000,000, PMT=0, FV=3,000,000, CPT N=12.7 yearsoption "C"