Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If $2500 is invested in a mutual fund at an annual interest rate of 4%, and the interest compounds yearly, how long does it take
If $2500 is invested in a mutual fund at an annual interest rate of 4%, and the interest compounds yearly, how long does it take for the investment to double in value?Use A=P(1+r)^t to solve the problem.
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
Introduction to graph theory
Authors: Douglas B. West
2nd edition
131437372, 978-0131437371
