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  3. you receive a $6,000 check from your grandparents

You receive a $6,000 check from your grandparents for graduation. You decide to save it...

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Verified Solution

Question

Accounting

You receive a

$6,000

check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning

7%

per year and you think you will need to have

$12,000

saved for the down payment. How long will it be before the

$6,000

has grown to

$12,000

?

To double the money you received from your grandparents, it will take

nothing

years.(Round to one decimal place.)

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