Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. time to accumulate a given sum personal finance pr

Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how...

90.2K

Verified Solution

Question

Finance

image

Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $12,000 to double. a. If Manuel earns 8% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 5% annual interest? c. How long will it take if he can earn 10% annual interest? d. Reviewing your findings in parts a,b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money. a. If Manuel earns 8% annual interest, the amount of time to double his money is years. (Round to two decimal places.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The power plant shown uses five trainloads of coal per day every day What are...

Biology
Q

According to the “Bottled Water Trends for 2014” report (bit.ly/1gx5ub8), the U.S. per capita consumption of...

Basic Math
Q

Shamrock Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 53,400...

Accounting
Q

diagram at the top of the page The plants in the P generation are pure...

Biology
Q

How does natural selection affect the passing of traits to offspring A Parents acquire beneficial...

Biology
Q

There is a spinner with 11 equal areas, numbered 1 through 11. If the spinner...

Basic Math
Q

5 You are given 1 2 01 3 205 A 4 6 15 5 3...

Algebra
Q

What are some of the accounting problems with interest capitalization? Give examples.

Accounting
Q

[The following information applies to the questions displayed below.] Brooks Company purchases debt investments as...

Accounting
Q

A good example of the use of the data analysis technique known as link prediction...

Accounting
Q

Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of...

Accounting
Q

Background: As the owner of a local CPA firm, you have been hired to help...

Accounting