Nicholas of Derme has $200,000 invested in a Bitcoin bank that pays 38.4% annually. How long (N) will it take for his funds to quadruple?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
(4*200,000)=200,000*(1.384)^n
4=(1.384)^n
Taking log on both sides;
log 4=n*log (1.384)
n=log 4/log (1.384)
=4.27 years(Approx).
Nicholas of Derme has $200,000 invested in a Bitcoin bank that pays 38.4% annually. How long...
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