Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you deposit money today in an account that earns 4.7% annual interest, it will take you ________ years to double your money. Donotround any

If you deposit money today in an account that earns 4.7% annual interest, it will take you ________ years to double your money.

Donotround any intermediate work.Round yourfinalanswer to 2 decimal places(ex: if your answer is 12.345678 years, then you should enter 12.35).

Do NOT use the "rule of 72" here -- a more precise answer is needed.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Essentials of Managerial Finance

Authors: Scott Besley, Eugene F. Brigham

14th edition

324422709, 324422702, 978-0324422702

More Books

Students also viewed these Finance questions