You invested $12,000 in the past. Today, you see that yourinvestment has doubled. How many...

You invested $12,000 in the past. Today, you see that your investment has doubled. How many years have passed if the investment earned 6 percent per year?

Group of answer choices

11.90 years

9.58 years

8.77 years

10.35 years

Expert Solution

FV= PV*(1+r)^n

Where,
FV= Future Value =12000*2 24000
PV = Present Value =12000
r = Interest rate =6%
n= periods in number =?

$24000 = $12000*( 1+0.06)^n

24000/12000 =( 1+0.06)^n

2 =( 1+0.06)^n

n =11.90 years

jeff jeffy answered 2 years ago

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