Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

We sometimes need to find how long it will take a sum of money (or anything else) to grow to some specified amount. (a) For

We sometimes need to find how long it will take a sum of money (or anything else) to grow to some specified amount. (a) For example, if a company's sales are growing at a rate of 5.6% per year, approximately how long will it take sales to triple? Show your answer to 2 decimals (x.xx years)

(b) If you want an investment to double in 6 years, what interest rate must it earn? Show your answer to 2 decimals (x.xx%)

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

Financial Markets and Institutions

Authors: Jeff Madura

12th edition

9781337515535, 1337099740, 1337515531, 978-1337099745

More Books

Students also viewed these Finance questions