Money invested at x%, compounded annually, triples in value in approximately every 112/x years. If $2500 is invested at a rate of 8%, compounded annually, what will be its approximate worth in 28 years? Choose the correct option
A) $ 3,750
B) $ 5,600
C) $ 8,100
D) $ 15,000
E) $ 22,500

Rationale: solution : money compounded annually at x % triples in 112 / x years . we need to find the final amount of 2500 at the end of the 28 years . . compounded annually at 8 % by putting the value in formula it will give us = 2500 ( 1.08 ) ^ 28 there must be a relation between these two conditions ? x = 8 % so money will triple in 112 / 8 = 14 years so money will be 3 ^ 2 = 9 times in 28 years so 2500 * 9 = 22500 answer : e
Answer: E