A woman invests $1,500 at a rate of 2.9%. Find the time in years that it takes her investment to double with annual compounding (a) using the future value formula and (b) using the Rule of 72. a Based on the future value formula, it will take approximately (Round to two decimal places as needed.) years for her investment to double. b Based on the Rule of 72, it will take approximately (Round to two decimal places as needed.) T years for her investment to double.
A woman invests $1,500 at a rate of 2.9%. Find the time in years that it takes her investment to double with annual compounding (a) using the future value formula and (b) using the Rule of 72. a Based on the future value formula, it will take approximately (Round to two decimal places as needed.) years for her investment to double. b Based on the Rule of 72, it will take approximately (Round to two decimal places as needed.) T years for her investment to double.
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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A woman invests $1,500 at a rate of 2.9%. Find the time in years that it takes her investment to double with annual
compounding (a) using the future value formula and (b) using the Rule of 72.
a Based on the future value formula, it will take approximately
(Round to two decimal places as needed.)
years for her investment to double.
b Based on the Rule of 72, it will take approximately
(Round to two decimal places as needed.) T
years for her investment to double.
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