An investment compounds annually at an interest rate of 33.34% What is the smallest investment period by which time the investment will more than triple in value? Select.
A) 1  B) 2  C) 3  D) 5  E) 4
Assume initial amount is x   Annual Interest is 34.1% so after 1 year the amount will become x * (100+33.34)/100 =&gt; x*4/3   now we need to find n for x * (4/3)^n = 3x   or in other words n = 4   4
<result>E</result>
An investment compounds annually at an interest rate of 33.34% What is the smallest investment period by which time the investment will more than triple in value?