How N Times Money Calculator Works :

Example 1:

How long does it take for your money to grow 10 times its original value if the rate of interest is 5% per annum.

Solution :

Since interest is paid only once a year, then the equation we must solve is (1.05)^x=10.

i.e, at the end of each year our balance grows by a factor of 1.05

So, next is how many times we have to multiply by 1.05 to get 10.

The answer is x = 47.19 = 47 years