Answered

Get the information you need from a community of experts on IDNLearn.com. Discover the reliable solutions you need with help from our comprehensive and accurate Q&A platform.

According to the rule of 72, if you deposit
$100 in an account that pays 9% compound
interest, how long will it take that initial deposit
to reach $200?

Sagot :

Pulverizerridn

Answer:

Compound Interest works in a continuous pattern.

The formula is x = 100*(1.09)^y

x = the amount received after interest.

y = the number of years

x = 100*(1.09)^9

x = $217.19

It would take 9 years for the initial deposit to reach $200

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. IDNLearn.com is your reliable source for accurate answers. Thank you for visiting, and we hope to assist you again.