about how many years will it take for $100,000 placed in a bank account at 7% interest rate compounded annually to double?
1 answer:
10.24 years
Compound interest, which is when interest is added to a loan rather than paid off or collected from the borrower, is what causes it. for the purpose of generating interest on the principal amount and any accumulated interest throughout the following period. Interest is a typical occurrence in compound interest economics and finance.
In contrast to simple interest, which doesn't compound because past interest isn't added to the principle for the current period, there is compounding with compound interest.
The simple annual interest rate is equal to the period of interest multiplied by the number of periods in a year. The simple annual interest rate is also known as the nominal interest rate.
To learn more about Compound interest from the given link:
#SPJ4
You might be interested in
Answer:
The following are the solution to the given question:
Explanation:
In option a:
The Mandovi's absolute benefit in this issue is that so many ratios are produced and transform because less power is spent than Ducennia (50 -100 compounds to 150 -200).
In option b:
In option c:
There are a total of 1 billion labours are available for the equally divided for 0.5 billion and 0.5 billion for both and the Rotiods is
and for taurous = .