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18 February, 19:35

Suppose you deposit $500 into an account with 7.8% interest compounded annually. How long will it take for the account to be worth $1000

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  1. 18 February, 20:37
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    7.8% from 500 is:

    500 * 7.8% =

    = 500 * 78/1000 =

    = 5 * 78/10 =

    = 1 * 78/2 =

    = 78/2 =

    = 39

    To get $1000 from $500, we need extra $500, so we have to find out how many 39s can fit in those $500:

    500 / 39 = 12 and the remainder of 32

    So generally you will need about 12 + 1 = 13 years to make the account worth $1000.
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