1. If a $1000 investment at compound interest doubles every 6 years, how long will it take...
Question:
2. (True or False) An investment growing at the rate of 12% compounded monthly will double (that is, increase by 100%) in about 70 months. Therefore, the investment should increase by 50% in about 35 months.
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...
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1 Since we start with 1000 and this amount doubles ...View the full answer
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Related Book For 
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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