Source: Official Guide for GMAT Review 2016 Problem Solving; #166

1

If money is invested at r percent

If money is invested at r percent interest, compounded annually, the amount of the investment will double in approximately 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 approximate total amount of the investment 18 years later, when Pat is ready for college?

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Gravatar Mike McGarry, Magoosh Tutor

Aug 17, 2015 • Comment

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Section 5.3 Problem Solving

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