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Five thousand dollars compounded annually at an x% interest rate takes six years to double. At the same interest rate, how many years will it take 300 to grow to 9600?

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 Apr 4, 2020
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N=6; R=?;PV =5000; FV =10000; FV=PV*(1 + R)^N; print"FV =$",R
R =12.25% compounded annually.


N=?; R=12.25;PV =300; FV =9600; FV=PV*(1 + R)^N; print"FV =$",N
N = 30 years.

 Apr 4, 2020

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