Asked by michelle
if michael opened an account paying 1% interest for 20 years. will his money double in time? how many years will it take to double?
Answers
Answered by
Steve
1.01^20 = 1.22
so it will only have grown by 22% in 20 years.
(1+.01)^t = 2
t = log2/log1.01 = 69.66
So, it will take almost 70 years to double.
so it will only have grown by 22% in 20 years.
(1+.01)^t = 2
t = log2/log1.01 = 69.66
So, it will take almost 70 years to double.
There are no AI answers yet. The ability to request AI answers is coming soon!