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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?

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

(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

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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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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"