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If you presently have $6,000 invested at a rate of 15%, how many years will it take for you investment to triple? (Round up to obtain a whole number of years if necessary.)
Solution: Present value (PV) = $6000 Rate = 15% n= no. of years Future value (FV) = $18000 FV = PV * PVAF (15%,n) $18000 = $6000 * PVAF (15%,n) PVAF(15%,n) = $18000/$6000 = 3 So, PVAF at 15% interest rate is 3.352 (nearest…

to 3) is for five years. Therefore n = 5years (completed years). Hence you must invest $6000 at a rate of 15% for five years to triple your invest.

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