Question

About how long will it take $1 to grow to $10 if the interest rate
is 6.3% CIM(monthly compounding)?

Answer #1

**Given,**

**Present value = $1**

**Future value = $10**

**Interest rate = 6.3% or 0.063**

**Solution :-**

**Monthly interest rate (r) = 0.063 x 1/12 =
0.00525**

**Let no. of months be 'n'**

**Future value = Present value x (1 +
r) ^{n}**

**$10 = $1 x (1 + 0.00525) ^{n}**

**$10/$1 = (1.00525) ^{n}**

**$10 = (1.00525) ^{n}**

**Taking 'Log' both sides,**

**Log(10) = Log(1.00525) ^{n}**

**Log(10) = n.Log(1.00525)**

**2.302585093 = n.(0.0052362668)**

**2.302585093
0.0052362668 = n**

**439.737924163 = n**

**So,**

**No. of years = n
12 months**

**= 439.737924163
12 months = 36.64 years**

**Thus, it will take 36.64 years to grow $1 to
$10**

How long would it take for $1000 to grow to in an account paying
3.6% interest compounded monthly?

How long will it take for $480 to grow to $1,000 at the interest
rate specified? (Do not round intermediate calculations.
Round your answers to 2 decimal places.)
a.
3%
periods
b.
6%
periods
c.
12%
periods

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is invested in an account with a quoted annual interest rate of 9%
with monthly compounding of interest?

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annual interest rate is 2.4% with 6 compounding intervals per year?
Hint: each compounding interval is 2 months long. Round your answer
to the nearest month.

How long will it take a principal investment of $6000 to grow to
$12,000 if the investment earns interest at the rate of 8%/year
compounded continuously?

How long will it take for $470 to grow to $1,700 at the
following interest rates? (Do not round intermediate calculations.
Round your answers to 2 decimal places.)
4.7%
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16.7%

How long will it take $ 50000 placed in a savings account at
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1.
How long will it take to double your money with an interest
rate of 10 percent?
20 percent? -42,424.174
40 percent? - 7,547.168
What about tenfold increase in your money with a growth rate of
50 percent? - 62.4213
So I know the answers already but I need help explaing and
articulatong. So a step by step detailed walkthrough like your
explaining it to a baby ;like over detailed. and like a detailed
solution conclusion which wraps it all...

6. How long does it take to double your money at 10 percent
interest? How long does it take to quadruple your money?
Input area:
Output area:
Present value
Years
Interest rate
Future value
$
1.00
***?
10%
$
2.00
1.00
***?
10%
4.00

How long would it take to triple your money if the interest rate
was:
5% compounded yearly
5% compounded monthly
5% compounded weekly
5% compounded continuously

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