How long will it take $100 to grow to at least $150 at an interest rate of 9% compounded monthly?

Expert Solution

Formula:

Future value= present value(1+r)^n

r= interest rate for the period. 9%/12 = 0.75% per month.

n = number of periods (months).

150 = 100*(1.0075)^n

n= 54.26 months.

n= 4.52 years.

jeff jeffy answered 2 years ago

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