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Future value - You have $50 to invest. If you can earn 10% interest, about how

long does it take for your $50 investment to double? Suppose that the interest

rate is just half that, at 5%. At half the interest rate, does it take twice as long to

double your money? Why or why not? How long does it take?

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Deanna Hettinger
Deanna HettingerLv2
28 Sep 2019

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You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house.

a. If you put your inheritance in an account that earns 9 percent interest compounded annually, how many years will it be before you inheritance grows to $33,000.

b. If you let your money grow for 9.5 years at 9 percent, how much will you have?

c. How long wil it take your money to grow to $33,000 if you move it to an account that pays 4 percent compounded annually? How long will it take your money to grow to $33,000 if you move it to an account that pays 11 percent?

d. What does this tell you about the relationship among interest rates, time, and future sums?

Future Value. You are hoping to buy a house in the future and recently recieved an inheritance of $22,000. You intend to use your inheritance as a down payment on your house.

a. If you put your inheritance in an account that earns 9 percent interest compounded annually, how many years will it be before your inheritance grows to $34,000?

b. If you let your money grow for 10.5 years at 9%, how much will you have?

c. How long will it take to grow to $34,000 if you move into an account that pays 3% compounded annually?

d. How long will it take to grow to $34,000 if you move into an account that pays 13% compounded annually?

You received an inheritance of $22,000.

If you put your inheritance in an account that earns 7 percent interest compounded annually, how many years will it be before your inheritance grows to $33,000?

If you let your money grow for 10 years at 7 percent, how much will you have?

How long will it take your money to grow to $33,000 if you move it into an account that pays 4 percent compounded annually?

How long will it take your money to grow to $33,000 if you move it into an account that pays 11 percent?

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