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    queenie_28560's Avatar
    queenie_28560 Posts: 1, Reputation: 1
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    #1

    Dec 9, 2013, 08:27 AM
    Accounting
    Val Hooper deposited $11,600 in the bank on January 1 a few years ago. The bank pays an
    Interest rate of 10% compounded annually, and the deposit is now worth $30,052. For how
    Many years has the deposit been invested?
    Celine91's Avatar
    Celine91 Posts: 51, Reputation: 9
    Junior Member
    		  
    #2

    Dec 9, 2013, 10:23 AM
    The veryy basic rule of annual compounding:

    F = P (1 + r )^n

    P: original amount invested = $11,600,
    r: interest rate = 10%,
    F: Future value of P = $30,052 (don't get misled with terms, timeline is relative to date of original investment)


    n is the only unknown, simplify and solve for n!!
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