5-4 TIME FOR A LUMP SUM TO DOUBLE. If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section: Chapter Questions
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5-4 TIME FOR A LUMP SUM TO DOUBLE. If you deposit money today in an account that pays 4% annual
interest, how long will it take to double your money?
Transcribed Image Text:5-4 TIME FOR A LUMP SUM TO DOUBLE. If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money?
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