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Investments and Annual Compound Interests

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Assume that you place in an account subject to interest compounded annually. Use the formula A=P(1+r)t, a calculator, and a trial error. How long will it take for the investment to increase by 60% at an interest rate of 11%
It will take ? years

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Solution Summary

This provides an example of using compound interest rate to determine how long it will take to increase to a certain value.

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