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In: Finance
Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long...
Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of
$11 comma 00011,000
to double.a. If Manuel earns
88 %
annual interest on the deposit, how long will it take for him to double his money?b. How long will it take if he earns only
55 %
annual interest? c. How long will it take if he can earn
1010 %
annual interest?d. Reviewing your findings in parts
a ,
b ,
and
c ,
indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money.
a. If Manuel earns
88 %
annual interest, the amount of time to double his money is
nothing
years. (Round to two decimal places.)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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