An investment currently costs $28,000. If the current inflation rate is 6% and the effective annual rate is 10%, approximately how long will it take for the investment's future value to reach $40,000? (Round up to the nearest whole number)
An investment currently costs $28,000. If the current inflation rate is 6% and the effective annual rate is 10%, approximately how long will it take for the investment's future value to reach $40,000? (Round up to the nearest whole number)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 28P
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An investment currently costs $28,000. If the current inflation rate is 6% and the effective annual rate is 10%, approximately how long will it take for the investment's future value to reach $40,000? (Round up to the nearest whole number)
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