It will take approximately 18.8 years for a $100 deposit to grow to $600 if I can earn 10% on my deposit.

Name: It will take approximately 18.8 years for a $100 deposit to grow to $600 if I can earn 10% on my deposit.
Brand: Quizplus
Rating: 4.7 (43 reviews)

Question

Quizplus · Accepted Answer

Using the compound interest formula, we can find the time it takes for an initial deposit of $100 to grow to $600 with a 10% interest rate:

$600 = $100(1 + 0.1)t

6 = 1.1t

t ≈ 5.8 years

Therefore, it would take approximately 5.8 years for the initial deposit to grow to $600.

It Will Take Approximately 18