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Gnesinka [82]
3 years ago
11

New Savings Bank pays 4% interest on its deposits. If you deposit $1,000 in the bank and leave it there, will it take more or le

ss than 25 years for your money to double? You should be able to answer this without a calculator or interest rate tables. More than 25 years
Business
1 answer:
attashe74 [19]3 years ago
8 0

Explanation:

The cumulative increase in your portfolio for a 25 years is

4% annually * 25 years = 100% — if you received a basic profit (without composition).

The cash would then double.

Your capital would multiply more rapidly than it does with simple interest with compounding interest and would thus take less than 25 years to double.

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The relationship between the future value of a single sum and the corresponding present value of a single sum is determined by t
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