At a simple interest rate of 11% per year, determine how long will it take $7,500...
At a simple interest rate of 11% per year, determine how long will it take $7,500 to increase to 5 times as much. Compare the time it will take to double if the rate is 20% per year simple interest. At an interest rate of 11%, it will take____ years for the amount to increase 5 times as much. It will take ____ years for the amount to double at an interest rate of 20%.
Homework Answers
If it needs to Inc to 5 times, Int must be 400% [ 500%(FV) - 100%(Principal)]
No. of Years = Int / Int Rate
= 400% / 11%
= 36.36 Years
If it needs to Inc to 2 times, Int must be 100% [ 200%(FV) - 100%(Principal)]
No. of Years = Int / Int Rate
= 100% / 20%
= 5 Years
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