✔ 最佳答案
Use this formula P = C (1 + r) t
So in this case you would get
P=1000(1+0.05)^t
where P is the future value, C is the current deposit, r is the interest rate, and t is the time in years.
Calculate this out and it comes to $2653.
So no it doesn't take 20 years it would take less than that