How many years (and months) will it take $2 million to grow to $5 million with an annual interest rate of 7 percent?
Answer to relevant QuestionsHow long will it take $2,000 to reach $5,000 when it grows at 10 percent per year?What annual rate of return is earned on a $4,000 investment made in year 2 when it grows to $6,500 by the end of year seven? Determine the interest rate earned on a $2,300 deposit when $2,900 is paid back in one year. The interest on your home mortgage is tax deductible. Why are the early years of the mortgage more helpful in reducing taxes than in the later years? Given a 4 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,100, $1,200, $1,200, and $1,500.
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