2. How many months it will take to grow your money from $10,250 to $25,000 if...

2. How many months it will take to grow your money from $10,250 to $25,000 if you can earn an interest of 8% compounded monthly? How many years will it take?

3. How many years it will take to grow your money from $3308 to $9537 if you can earn an interest of 15% compounded quarterly?

Expert Solution

#2.
Present value	$ 10,250
Future value	$ 25,000
Annual interest rate	8%
Number of compounding in a year	12
Number of years	11.18

#3.
Present value	$ 3,308
Future value	$ 9,537
Annual interest rate	15%
Number of compounding in a year	4
Number of years	7.19

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jeff jeffy answered 1 year ago

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