Given,
An investment grows by 8% per year for 20 years
Let the initial value be x
Increase is by 8%
8% of x is,
Total after year is = x + 0.08x
= 1.08x
Means after each year, the previous years value is multiplied by 1.08
Then,
after 20 years,
The value is
Percentage increase is 466.09%
Rounding off to one decimal,
= 466.1
Therefore,
The percentage increase is
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