If you invest $10,200 in Japan, and the interest is compounded monthly, how many months will it take for your investment to grow to $20,000?
the interest rate is 1.5%
the interest rate is 1.5%
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20,000 = 10,200 ( 1 + .015/12)^n
Solve for n,
n = ln(200/102)/ln(1 + .015/12) = 539 months
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Attn: 1.5% is assumed to be annual interest rate.
Solve for n,
n = ln(200/102)/ln(1 + .015/12) = 539 months
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Attn: 1.5% is assumed to be annual interest rate.