2. How long until a lump-sum investment of $40,000 becomes $90,000 at 5% annual interest compounded monthly? Round your answer to the appropriate month and answer as years/months as show in the text.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 5RE: Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit...
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2.
How long until a lump-sum investment of $40,000 becomes $90,000 at 5% annual interest
compounded monthly? Round your answer to the appropriate month and answer as years/months
as show in the text.
Transcribed Image Text:2. How long until a lump-sum investment of $40,000 becomes $90,000 at 5% annual interest compounded monthly? Round your answer to the appropriate month and answer as years/months as show in the text.
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