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7 Jul 2019

If you deposit money today in an account that pays 4.5% annual interest compounded annually, how long will it take to double your money? More challenging: Solve the same problem, only assume interest compounds quarterly instead of annually

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Collen Von
Collen VonLv2
7 Jul 2019

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TIME FOR A LUMP SUM TO DOUBLE: If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?

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?

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?

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