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.
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