Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you invest $10,000 today and it grows at annual rate of 15% (c ompounded annually) , how many months it will take to grow

If you invest $10,000 today and it grows at annual rate of 15% (compounded annually), how many months it will take to grow to $20,000?

The answer is not 55.80 months

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