Question

Jenna invest R20000 into saving account.the interest paid in the account is 10%pa compounded mounthly.calculate how (in years) it will take for the saving to reach R80000.
80000/20000 = 4
so you want the time to grow by a factor of 4:

(1+.10/12)^(12t) = 4
Now just solve for t.

Related Questions

Your Aunt will give your $1,ooo if you invest it for 10 years in an account that pays 20% interest c... Invest $23,000 in a savings account at 4.25% interest compounded quarterly. Invest into an ordinary... you invest $2800 in an account that pays an interest of 5.5%, compounded continuously. calculate the... Question 15 A business owner wants to invest $10,000 for 10 years. Which account should the busines...