50&51

Time to Triple Your Money 8-50. You deposit $2,000 in an account that pays 8 percent annual interest, compounded annually. How long will it take to triple your money? Time to Pay Off a Credit Card Balance 8-51. Upon reading your most recent credit card statement, you are shocked to learn that the balance owed on your purchases is $4,000. Resolving to get out of debt once and for all, you decide not to charge any more purchases and to make regular monthly payments until the balance is zero. Assuming that the bank's credit card annual interest rate is 19.5 percent and the most you can afford to pay each month is $350, how long will it take you to pay off your debt