Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow twofold if it were invested at
4. (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow twofold if it were invested at 18 percent compounded monthly? Assume that you invest $1
today.
If you invest $1 at 18 percent compounded monthly, about how many years would it take for your investment to grow twofold to $2? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started