Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This exercise is based on the following table, which lists interest rates on long-term investments (based on 10-year government bonds) in several countries in 2014.
This exercise is based on the following table, which lists interest rates on long-term investments (based on 10-year government bonds) in several countries in 2014.
Country | U.S. | Japan | Germany | Australia | Brazil |
---|---|---|---|---|---|
Yield | 2.5% | 0.5% | 1.0% | 3.5% | 4.2% |
Assuming that you invest $6,000 in the United States, how long (to the nearest year) must you wait before your investment is worth $16,000 if the interest is compounded annually? ___ yr
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started