SOLUTION: how long does it take $50 to grow to $200 invested at 4% compounded monthly
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Question 419618: how long does it take $50 to grow to $200 invested at 4% compounded monthly
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
A = P(1 + r/n)^(nt)
where
A is amount after time t
P is initial amount
r is interest rate
n is times compounded
t is time
.
how long does it take $50 to grow to $200 invested at 4% compounded monthly
.
A is 200
P is 50
r is .04
n is 12
t is what we're solving for
.
A = P(1 + r/n)^(nt)
years
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