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    Interest Rate Growth

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    Please include a formula for the calculations, along with an explanation of how to work out the problem.

    How long will it take for $400 to grow to $1,000 at the interest rate specified?
    a) 4 percent
    b) 8 percent
    c) 16 percent

    © BrainMass Inc. brainmass.com March 4, 2021, 5:55 pm ad1c9bdddf
    https://brainmass.com/economics/finance/interest-rate-growth-18715

    Solution Preview

    You did not specify if the interest applied is simple or compounded..I am going to do the calculations for both.
    <br>
    <br>1. Simple Interest
    <br>
    <br> Let S be the total after the time n ...

    Solution Summary

    How long will it take for $400 to grow to $1,000 at the interest rate specified?

    $2.49

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