Suppose a bank offers a savings account with the interest rate of 6% compounded annually. If...
Suppose a bank offers a savings account with the interest rate of 6% compounded annually. If you deposit $100, how long does it take to triple your money if you do not withdraw any from your account?
Homework Answers
Future value = 100 * 3 = 300
Future value = Present value ( 1 + r)n
300 = 100 ( 1 + 0.06)n
3 = (1.06)n
LN 3 = n LN 1.06
1.098612 = n 0.058269
n = 18.85
It will take 18.85 years.
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