How long will it take $400 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places. A. 5% B. 11% C. 20% D. 100%
How long will it take $400 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places. A. 5% B. 11% C. 20% D. 100%
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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How long will it take $400 to double if it earns the following rates? Compounding occurs once a year. Round each answer to two decimal places.
A. 5%
B. 11%
C. 20%
D. 100%
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