Question
Solve the following compound interest problems. a) You invest $30,000 in an account that earns 4% APR compounded monthly. How long will it take for
Solve the following compound interest problems. a) You invest $30,000 in an account that earns 4% APR compounded monthly. How long will it take for the account to increase by 50%? b) You want to invest $10,000 in a CD earning 2.5% compounded monthly. How long will it take for the CD to be worth $17,000?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
