Interest rate growth
Problem: Please include a formula for the calculations, along with an explanation of how to work out the problem.How long will it take for $400 to grow to $1,000 at the interest rate specified?
a) 4 percent
b) 8 percent
c) 16 percent
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Please include with your response any necessary formula to solve this problem (on a regular calculator, NOT a financial calculator), along with a detailed explanation of how to solve the problem.
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Problem: Please include a formula for the calculations, along with an explanation of how to work out the problem. How long will it take for $400 to grow to $1,000 at the interest rate specified?
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