Solved: Account subject to interest compounded annually, Finance Basics

Account subject to interest compounded annually

Problem:

Assume that you place in an account subject to interest compounded annually. Use the formula A=P(1+r)t, a calculator, and a trial error. How long will it take for the investment to increase by 60% at an interest rate of 11%. It will take ? years

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Finance Basics: Account subject to interest compounded annually

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