Homework Answers
Amount invested = $1
Desired amount = $4 (quadruple)
Time period = 36 months
Amount invested * (1 + Monthly interest rate)^Time period =
Desired amount
$1 * (1 + Monthly interest rate)^36 = $4
(1 + Monthly interest rate)^36 = 4
1 + Monthly interest rate = 1.03926
Monthly interest rate = 0.03926 or 3.926%
Annual interest rate = 12 * Monthly interest rate
Annual interest rate = 12 * 3.926%
Annual interest rate = 47.11%
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