Money in the bank doubles every 7 years. Kjartan deposits 10 000 Kr. in the bank today. How much
will he have in 28 years?

To determine how much money Kjartan will have in the bank after 28 years, we need to understand the effect of the doubling period on his initial deposit.

Given:
- The money doubles every 7 years.
- Initial deposit = 10,000 Kr.
- Time period = 28 years.

We need to calculate the number of doubling periods within 28 years:
\[
\text{Number of doubling periods} = \frac{28 \text{ years}}{7 \text{ years/doubling period}} = 4 \text{ doubling periods}
\]

Starting with 10,000 Kr., the amount of money doubles 4 times. Each doubling can be represented as:
\[
\text{Amount after 1 doubling period} = 2 \times 10,000 \text{ Kr.} = 20,000 \text{ Kr.}
\]
\[
\text{Amount after 2 doubling periods} = 2 \times 20,000 \text{ Kr.} = 40,000 \text{ Kr.}
\]
\[
\text{Amount after 3 doubling periods} = 2 \times 40,000 \text{ Kr.} = 80,000 \text{ Kr.}
\]
\[
\text{Amount after 4 doubling periods} = 2 \times 80,000 \text{ Kr.} = 160,000 \text{ Kr.}
\]

Thus, after 28 years, Kjartan will have:
\[
160,000 \text{ Kr.}
\]

So, Kjartan will have 160,000 Kr. in the bank after 28 years.

Do you want details or have any questions?

Here are 8 related questions for further exploration:
1. How much will Kjartan have in the bank after 21 years?
2. What is the formula to calculate the final amount after a given number of doubling periods?
3. How long will it take for Kjartan's deposit to reach 1,280,000 Kr.?
4. If the doubling period changes to 5 years, how much will he have in 28 years?
5. What is the effective annual interest rate if the money doubles every 7 years?
6. How would the final amount change if the initial deposit were 15,000 Kr. instead of 10,000 Kr.?
7. What would the final amount be if the money tripled every 7 years instead of doubling?
8. How much will Kjartan have in 35 years with the same doubling period?

**Tip:** Understanding compound interest and doubling periods can help in making better investment decisions.

Explore how compound interest affects savings over time with Kjartan's deposit of 10,000 Kr. Calculate how much money Kjartan will have in the bank after 28 years with the money doubling every 7 years. Get detailed explanations and formulas for compound interest and doubling periods.

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