How many years will it take $511 to grow to $2,348.05 it it is invested at 10 percent compounded annually?
Present Value = $511.00
Future Value = $2,348.05
Interest Rate = 10%
Let it will take n years for $511.00 to grow to $2,348.05
Present Value * (1 + Interest Rate)^Period = Future Value
$511.00 * (1 + 0.10)^Period = $2,348.05
1.10^Period = 4.595010
Period * ln(1.10) = ln(4.595010)
Period = 16 years
So, it will take 16 years for $511.00 to grow to $2,348.05
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