A person deposits 2500$ today in the bank and he wants to get double of this amount, if the interest rate is 10%. How many numbers of years required to reach desired amount? Calculate the value using simple interest formula. Select one: а. 9 years b. 11 years с. 10 years

A person deposits 2500$ today in the bank and he wants to get double of this amount, if the interest rate is 10%. How many numbers of years required to reach desired amount? Calculate the value using simple interest formula. Select one: а. 9 years b. 11 years с. 10 years

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter17: Financial Markets

Section: Chapter Questions

Problem 6SCQ: What is the total amount of interest from a 5,000 loan after three years with a simple interest rate...

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A person deposits 2500$ today in the bank
and he wants to get double of this amount, if
the interest rate is 10%. How many numbers
of years required to reach desired amount?
Calculate the value using simple interest
formula.
Select one:
a. 9 years
b. 11 years
С. 10 years

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