A principal of 2450 Rials is invested at rate 5.25% compounded quarterly. After how many years the investment first exceed 10000 Rials. a)After how many years will it be worth 1 million Rial? b)Find the value in 10 years' time?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
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ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 18E
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A principal of 2450 Rials is invested at rate 5.25% compounded quarterly. After how many years the investment first exceed 10000 Rials.
a)After how many years will it be worth 1 million Rial?

b)Find the value in 10 years' time?

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