If $9,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.005)t. (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months

If $9,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.005)t. (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter1: Understanding Personal Finance

Section1.4: Perform Time Value Of Money Calculations

Problem 3CC

See similar textbooks

Similar questions

How much must be invested now to receive $50,000 for 8 years if the first $50,000 is received in one year and the rate is 10%?
Assume that an investment of 100,000 produces a net cash flow of 60,000 per year for two years. The discount factor for year 1 is 0.89 and for year 2 is 0.80. The NPV is a. 0 b. 6,800 c. 1,400 d. (4,000)
If an asset declines in value from 5,000 to 3,500 over nine years, what is the mean annual growth rate in the assets value over these nine years?
If you invest $15,000 today, how much will you have in (for further instructions on future value in Excel, see Appendix C): A. 20 years at 22% B. 12 years at 10% C. 5 years at 14% D. 2 years at 7%
How much would you invest today in order to receive $30,000 in each of the following (for further Instructions on present value In Excel, see Appendix C): A. 10 years at 9% B. 8 years at 12% C. 14 years at 15% D. 19 years at 18%