Answered: How many years (and months) will it…

How many years (and months) will it take $2 million to grow to $4.00 million with an annual interest rate of 7 percent? ( do not round intermediate calculations. Round "months" to 1 decimal place.)

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 many years (and months) will it take $2 million to grow to $4.00 million with an annual interest rate of 7 percent? ( do not round intermediate calculations. Round "months" to 1 decimal place.)

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