Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone show me a different method i could use to answer this question? how would i do this with excel? please dont use the

can someone show me a different method i could use to answer this question? how would i do this with excel? please dont use the method that i already used
image text in transcribed
7. At 4.7 percent interest, how long does it take to double your money? To quadruple it? FV = PV(1 + r)' t=In(FV/PV)/In(1 + r) To double the money: FV = $2 = $1(1.047) t = ln(2) /In(1.047) 15.09 years To quadruple the money: FV = $4 = $1(1.047) t=In(4) /In(1.047) = 30.18 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Finance questions