Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you deposit money today in an account that pays 5% annual interest, how long will it take to double your money Round your answer

image text in transcribed
If you deposit money today in an account that pays 5% annual interest, how long will it take to double your money Round your answer to two decimal places. years You have $21,397.56 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number years

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

International Financial Management

Authors: Cheol Eun

9th Edition

1260788865, 9781260788860

More Books

Students also viewed these Finance questions

Question

What factors contribute most to the comprehension of read text?

Answered: 1 week ago

Question

Describe the disciplinary action process.

Answered: 1 week ago