Question
Assume the firm makes a one-time investment of $79,000 today at a 11.5% interest rates and would like to have it grow to $250,000.
Assume the firm makes a one-time investment of $79,000 today at a 11.5% interest rates and would like to have it grow to $250,000. How many years will the investment take to grow to $250,000? Assume the interest rate compounds annually. O 11.20 years O 12.45 years O 10.58 years "O 10.39 years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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
Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
