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jholland03
16.05.2021 •
Mathematics
Approximately how long would it take $500,000 to double to one million dollars if it were invested at 6%, compounded annually?
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Ответ:
It will take 30.10 year
Explanation:
We have given initial investment $500000
Future value = 1 million =1million=1000000
Rate of interest r = 1.79 %
We have to find the time taken to reach the amount $1000000
We know that future value is equal to A=P(!+\frac{r}{100})^nA=P(!+
100
r
)
n
1000000=500000(!+\frac{1.79}{100})^n1000000=500000(!+
100
1.79
)
n
2=(1.0179)^n2=(1.0179)
n
Taking log both side
log2=nlog1.0179log2=nlog1.0179
n×0.0077 = 0.3010
n = 39.09 year
Now in second case rate of interest
r = 2.34 %
So 1000000=500000(1+\frac{2.34}{100})^n1000000=500000(1+
100
2.34
)
n
2=(1+\frac{2.34}{100})^n2=(1+
100
2.34
)
n
2=1.0234^n2=1.0234
n
taking log both side
log 2 = n log 1.0234
n×0.01 = 0.3010
n = 30.10 year
Ответ:
I think it is 6.20 dolars
Step-by-step explanation: