Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have $100 to invest. If you can earn 12% interest, about how long does it take for you $100 investment to grow to $200?

You have $100 to invest. If you can earn 12% interest, about how long does it take for you $100 investment to grow to $200? Suppose the interest rate is just half that, at 6%. At half the interest rate, does it take twice as long to double your money? Why or why not? How long does it take?

Step by Step Solution

3.47 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

Initial value 100 I 12 final value 200 final value initial value1intere... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Document Format ( 2 attachments)

PDF file Icon
60941a473fc2a_24487.pdf

180 KBs PDF File

Word file Icon
60941a473fc2a_24487.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Mathematics for Business Economics Life Sciences and Social Sciences

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

12th edition

321614003, 978-0321614001

More Books

Students also viewed these Accounting questions