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(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow fivefold if it were invested at 15
(Solving for n with non-annual periods)Approximately how many years would it take for an investment to grow fivefold if it were invested at 15 percent compounded monthly? Assume that you invest $1 Today
If you invest $1 at 15 percent compounded monthly, about how many years would it take for your investment to grow fivefold to $5? (Hint: Remember to convert your calculator solution to years.)
____ (Round to one decimal place.)
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