Assume annual compound interest unless stated otherwise. What must be the interest rate in order for an investment of $1,000 to produce proceeds of $2,000 in 20 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Assume annual compound interest unless
stated otherwise.
What must be the interest rate in order for
an investment of $1,000 to produce proceeds
of $2,000 in 20 years?
Transcribed Image Text:Assume annual compound interest unless stated otherwise. What must be the interest rate in order for an investment of $1,000 to produce proceeds of $2,000 in 20 years?
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