Answered

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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

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