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27 July, 18:35

If you put $100 in a bank account that pays you 10% interest, compounded annually, how many years would it take you to attain a balance of more than $200, assuming no withdrawals were made?

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  1. 27 July, 19:13
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    Total amount = P (1 + r/100) ^n

    200 < 100 (1 + 10/100) ^n

    200 < 110^n

    log110^n > log200

    n x log110 > log200

    n > log200/log110

    n > 1.13 (to 3 significant figures)

    It would take more than 1.13 years for me to attain a balance of more than $200, assuming no withdrawals were made.
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