Answered

Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

According to the rule of 72, if you deposit
$100 in an account that pays 9% compound
interest, how long will it take that initial deposit
to reach $200?

Sagot :

Pulverizerr

Answer:

Compound Interest works in a continuous pattern.

The formula is x = 100*(1.09)^y

x = the amount received after interest.

y = the number of years

x = 100*(1.09)^9

x = $217.19

It would take 9 years for the initial deposit to reach $200

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.