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Answer:
The amount the $20.000 will be worth in 17 years at compound interest is $65068.443
Step-by-step explanation:
Here we have the Principal, P = $20,000.00
The annual interest rate, r = 7% = 0.07
Time , t = 17 years
Number of compounding period per year, m = quarterly = 4
The compound interest can be found from the following formula;
Therefore, by plugging the values of the equation parameters, we have;
Therefore, the amount the $20.000 will be worth in 17 years at compound interest = $65068.443.
Answer:
In 24 years.
Step-by-step explanation:
Let the sum of money be 100 which amounts to 200 ( doubles itself ) in 6 years time. Interest on 100rs. Is 100. Putting the following in simple interest formula. You get :
Now when 100 will become 5 times i.e 500 the interest will be 400rs.
Putting in simple interest formula:
So, in 24 years, it will become 5 times.