Question

How many years will it take $145,000 to grow to $675,000 if it is invested in an account with a quoted annual interest rate of 9% with monthly compounding of interest?

Answer #1

Information provided:

Future value (FV)= $675,000

Present value (PV)= $145,000

Monthly interest rate (I/Y)= 9%/12 = 0.75%

Enter the below in a financial calculator to compute the time taken to grow the investment to $675,000:

FV= 675,000

PV= -145,000

I/Y= 0.75

Press the CPT key and N to compute the time taken to grow the investment to $675,000.

The value obtained is 205.8319

Therefore, It takes 205.8319 /12 =
**17.15 years** for the investment to grow to
$675,000.

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