Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose that you invest $100 in a savings account which is earning an annual percentage rate of 8% (compounded annually). What is the first year
Suppose that you invest $100 in a savings account which is earning an annual percentage rate of 8% (compounded annually). What is the first year in which the interest credited to your account for that year exceeds your original investment in the account?
The answer is 34, but I don't know how to calculate it.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started