Double your money (H). Suppose you I deposit $1000 in a savings account that I pays 5% interest compounded annually. After one year, your account will have a balance of 1.05 ( $ 1000 ) = $ 1050. By repeating this process, estimate the amount of time required to double your money.
Double your money (H). Suppose you I deposit $1000 in a savings account that I pays 5% interest compounded annually. After one year, your account will have a balance of 1.05 ( $ 1000 ) = $ 1050. By repeating this process, estimate the amount of time required to double your money.
Double your money (H). Suppose you I deposit $1000 in a savings account that I pays 5% interest compounded annually. After one year, your account will have a balance of
1.05
(
$
1000
)
=
$
1050.
By repeating this process, estimate the amount of time required to double your money.
Elementary Statistics Using The Ti-83/84 Plus Calculator, Books A La Carte Edition (5th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY