(Solving for n with non-annual periods) Approximately how many years would it take for an investment...
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(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sevenfold if it were invested at 8 percent compounded weekly? Assume that you invest $1 today. If you invest $1 at 8 percent compounded weekly, about how many years would it take for your investment to grow sevenfold to $7? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.) (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sevenfold if it were invested at 8 percent compounded weekly? Assume that you invest $1 today. If you invest $1 at 8 percent compounded weekly, about how many years would it take for your investment to grow sevenfold to $7? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.)
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To solve this problem we can use the compound interest formula A P1 rnightnt Where A is the ... View the full answer
Related Book For
Financial Management Principles and Applications
ISBN: 978-0133423822
12th edition
Authors: Sheridan Titman, Arthur Keown, John Martin
Posted Date:
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