how long will it take for 100$ to grow to 500$ at 8% annual interest compounded 12 times a year?

Answer 1

Using the "Rule of 72," it will take about 9 years at 8% interest to double your money. Therefore, in 9 years, you'll have $200. In another 9 years, it will double again to $400. Then it will take about 2.25 more years for the last $100 (25% return). In other words, it will take just over 20 (20.25) years.

Answer 2

my compound interest table says at n=21 , F/P is about 5.034

so after 21 years you will have 100*5.034 $

Answer 3

Just over 20 years.

By 20 years, the amount is $492.68
By 20 years and 2 months, it is $499.27
20 years 3 months: $502.60

Answer 4

100(1.08/12)^X = 500

so 1.0067^X = 5

X LOG 1.0067 = .7

X = .7 / .0029

X = 241 (NUMBER OF MONTHS)

So it will take 20 years 1 month

Answer 5

FV = PV* (1+i)^n
FV = future value = 500
PV = present value = 100
i = interest per compunding period = .08/12
n = number of months since period is on month

n = (log(FV)-log(PV))/log(i+1)
n = 104.3 months = 8.69 years

Answer 6

month
--------
0: $100.00
1: $100.67
2: $101.33
3: $102.01
4: $102.69
5: $103.38
6: $104.07
7: $104.76
8: $105.46
9: $106.17
10: $106.87
11: $107.58
12: $108.30
.
.
.
243: $502.60

243 months = 20.25 years

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