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At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how long will it take for the man’s investment to double?

At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how long will it take for the man’s investment to double?
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4 votes
At his son's birth, a man invested $2,000 in savings at 6% for his son's college education. Approximately how long will it take for the man’s investment to double?

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User Oasten
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2 Answers

5 votes

A = 2000*(1.06)^19, which is approximately 6051.20.
answered
User Miriam Farber
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8.1k points
3 votes
A little more than a year and a half; I calculated $2,000-6%=120. Then I divided 2000/120 = 1.6, which is 1 year and a bit more than half so 1 year and 7 months or so.
answered
User Ratul Ghosh
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7.8k points
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