You invest $6500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to be worth $13,000?
2 answers:
This is a compound interest problem so you cannot use the simple interest formula. Effectively the total amount is being compounded each year by 6%. There is a formula for compound interest but in this simple example you can work this out recursively.
6% of 6,500 is 390. It will take over 16 years to reach 13,000. 390 * 16.795 = 6,500.05
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