How much longer will it take for an initial deposit of $10,000 and annual payments of $1,000 accumulate to $25,000 if interest was at 4.11% compounded annually versus 5.45% compounded annually.

Name: How much longer will it take for an initial deposit of $10,000 and annual payments of $1,000 accumulate to $25,000 if interest was at 4.11% compounded annually versus 5.45% compounded annually.
Brand: Quizplus
Rating: 4.9 (46 reviews)

Question

Quizplus · Accepted Answer

The higher interest rate will cause the account to reach $25,000 sooner.

How Much Longer Will It Take for an Initial Deposit