Compound interest. How many years will it take for an investment of 600€ to grow to...
Compound interest. How many years will it take for an investment of 600€ to grow to 1500€ if the annual interest rate is 9% and the interest is compounded annually?
Homework Answers
Future value = Present value * ( 1 + rate ) n
1500 = 600 *( 1+9%) n
n = 10.63 years or 11 years approx
Alternatively using factor tables,
Future value of annuity due = 1500 / 600 = 2.5
Looking at 9% interest rate, no of years = 11 years (approx.).
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