5. Liezel deposited 500,000 cash a gift to her brother but her brother has to wait until the amount doubled. When will her brother withdraws the amount if the bank gives an interest of 10% compounded quarterly?

5. Liezel deposited 500,000 cash a gift to her brother but her brother has to wait until the amount doubled. When will her brother withdraws the amount if the bank gives an interest of 10% compounded quarterly?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: The Basic Tools Of Finance

Section: Chapter Questions

Problem 1CQQ

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5. Liezel deposited 500,0000 cash a gift to her brother but her brother has to wait until the amount
doubled. When will her brother withdraws the amount if the bank gives an interest of 10%
compounded quarterly?

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