Question 1052057: How much would you have to put in the bank today at 5% to accumulate $1,000 by next year?
Answer: 392
If you double your money in 5 years, what interest rate did you earn?
Answer = 14.87
If you triple your money in 10 years, what interest rate did you earn?
Answer = 11.60
I have to insert all of this into my BAII Plus calculator.
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Your questions are very unclear. Interest rates accumulate at different period. Daily (continuous compounding), monthly, quarterly, biannually, annually. How often does your investment at 5% accumulate?
I'll assume you're talking about annual rates and give you one answer:
1000 = x(1+0.05) = x*1.05 divide both sides by 1.05
x = 9,523.81
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website!
How much would you have to put in the bank today at 5% to accumulate $1,000 by next year?
Answer: 392
If you double your money in 5 years, what interest rate did you earn?
Answer = 14.87
If you triple your money in 10 years, what interest rate did you earn?
Answer = 11.60
I have to insert all of this into my BAII Plus calculator.
Compounded annually,  will accumulate to $1,000 in a year, at an interest rate of 5%. Where did you get $392 from?
Doubling the $952.38 in 5 years, to $1,904.76, will DEFINITELY take an interest rate of 14.87, as you stated.
Tripling the $952.38 in 10 years, to $2,857.14, will take an interest rate of 11.61%.
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