Question
You have $2,000 in your savings accounts and decided to deposit it into a high-yield investment account. If rates are compounded on an annual basis,
You have $2,000 in your savings accounts and decided to deposit it into a high-yield investment account. If rates are compounded on an annual basis, how long would it take to double your original investment at 8% every year?
A. 2.5 years
B. 27.7 years
C. 9 years
D. 5 years
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Financial Markets and Institutions
Authors: Anthony Saunders, Marcia Cornett
6th edition
9780077641849, 77861663, 77641841, 978-0077861667
