Manuel Rios wishes to determine how long it will take an initial deposit of $10,000 to double.
Question:
a. If Manuel earns 10% 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 7% annual interest?
c. How long will it take if he can earn 12% 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.
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a I 10 PV 10000 FV 20000 Solve for N 727 years b ...View the full answer
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Related Book For 
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
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