In an account Albertina Schroeden currently has $198,280.00. At a rate of 1.00% how long will it take for them to have $268,930.00 assuming semi-annually compounding? (Hint: compute the exact years, do not use rule of 70/72)Multiple Choice30.63 years30.55 years15.31 years61.11 years

We need to use the concept of time value of money to solve the question. According to the concept of…

Answered: In an account Albertina Schroeden…

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 6CE: Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions...

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In an account Albertina Schroeden currently has $198,280.00. At a rate of 1.00% how long will it take for them to have $268,930.00 assuming semi- annually compounding? (Hint: compute the exact years, do not use rule of 70/72) Multiple Choice 30.63 years 30.55 years 15.31 years 61.11 years