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_2

Step: 3

blur-text-image_3

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

Analysis for Financial Management

Authors: Robert C. Higgins

10th edition

007803468X, 978-0078034688

More Books

Students also viewed these Finance questions