Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you deposit an amount of $16,600 today in a savings account that offers 7.90% annual interest compounded semi-annually. How many years would it take

Suppose you deposit an amount of $16,600 today in a savings account that offers 7.90% annual interest compounded semi-annually. How many years would it take to triple your amount?

a. 14.45

b. 14.18

c. 5.34

d. 6.73

e. 11.82

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: Jeff Madura

12th edition

1133947832, 978-1305195011, 978-1133947837

More Books

Students also viewed these Finance questions

Question

Calculate y'. y = cot(3x 2 + 5)

Answered: 1 week ago