SOLUTION: please help me figure this out. Greatly appreciated!
an investment grows 5% per yr for 20 yrs. by what percent does it increase over the 20yr period?
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an investment grows 5% per yr for 20 yrs. by what percent does it increase over the 20yr period?
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Question 660904: please help me figure this out. Greatly appreciated!
an investment grows 5% per yr for 20 yrs. by what percent does it increase over the 20yr period? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! please help me figure this out. Greatly appreciated!
an investment grows 5% per yr for 20 yrs. by what percent does it increase over the 20yr period?
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Let initial value be "x".
Each year the previous year's value is multiplied by 1.05
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Value after 20 years: (1.05)^20 x = 2.6533x
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% increase = 265.33%
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Cheers,
Stan H.
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