Question: How long will it take for $400 to grow, lets say for example to $1,000. How do you calculate the percentage? And for how many periods? Does periods represent the years?
Can you breakdown this equation= (1 X .16 )10 ,,, In case like this one, 10 would represent the years correct? Also, how is 10 added to the equation? Is it done after you multiply 1 x.16? This is were my confusion lies??