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If money is invested at r percent interest, compounded [#permalink]
20 Jan 2008, 09:37
If money is invested at r percent interest, compounded annually, the amount of the investment will double in approx.70/r years.If pat's parents invested $5'000 in a long term bond that pays 8 percent interest, compounded annually, what will be the approx total amount of the investment 18 years later, when Pat is ready for college?
A. $20,000 B. $15,000 C. $12,000 D. $10,000 E. $9,000