Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

show me how it is done plz (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow

image text in transcribed

show me how it is done plz

image text in transcribed
(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow threefold if it were invested at 15 percent compounded semiannually? Assume that you invest $1 today. if you invest $1 at 15 percent compounded semiannually, about how many years would it take for your investment to grow threefold to $3? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.) Enter your answer in the answer box

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

Fundamentals of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

15th edition

1337671002, 978-1337395250

More Books

Students also viewed these Finance questions

Question

understand what working means to workers;

Answered: 1 week ago