A principal of $15000 is invested at 8% interest compounded annually. After how many years will the investment first-exceed $50000? Select one: O а. 2 years оь. 15 years ос. 16 years O d. None of the above

A principal of $15000 is invested at 8% interest compounded annually. After how many years will the investment first-exceed $50000? Select one: O а. 2 years оь. 15 years ос. 16 years O d. None of the above

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 21PROB

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Question

A principal of $15000 is invested at 8% interest compounded annually.
After how many years will the investment first-exceed $50000?
Select one:
O a. 2 years
О. 15 yearS
Ос. 16 years
O d. None of the above

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