Purchase Solution

# 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

##### Solution Summary

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

##### Solution Preview

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

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