For how many months do you need to invest your money into a bank account earning an annual interest rate of 11.34% compounded monthly if you want to triple your investment?

Answer 1

3 =(1+ .1134/12)^12t

solve for t to find the time when the investment triples at 11.34% interest compounded monthly

general formula is

A =P(1+ r/n)^nt

where n= number of times compounded annually

r = annual rate of interest

t = time

P = initial investment

A = Amount at the end of time t years