What Should Be the Annual Interest Rate for $50 to Grow to $70 in 10 Years?

22 Oct 2022

Explanation:

To calculate the annual interest rate needed for $50 to grow to $70 in 10 years, we use the formula:

$50 * (1 + r)^10 = $70

Where:

$50 is the initial amount, $70 is the final amount after 10 years, r is the annual interest rate.

By solving the equation, we find that the annual interest rate required is 1.35%. This means that if an initial amount of $50 is invested at an annual interest rate of 1.35%, it will grow to $70 in 10 years.

In conclusion, the annual interest rate needed for $50 to grow to $70 in 10 years is 1.35%.

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