Posted by Kate on Sunday, February 28, 2010 at 6:45pm.
Initial investment = $500
Investment value after 15 years
= $1000 (doubles)
15 more years later (30), value of investment
= $1000 * 2
= $2000 (doubles from 15 years ago)
I will leave it to you to calculate the value of investment at 45 years from the initial investment.
Mathematically, let P = initial principal,
2P = PR^15 (R=interest rate)
Value of investment after N years,
and so on.
after 30 yrs the investment is worth $2,000
after 45 yrs the investment is worth $4,000
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