In its first 10 years a mutual fund produced an average annual return of 20.88%. Assume that money invested in this fund continues to earn 20.88% compounded annually. How long will it take money invested in this fund to double? year(s) for the money invested in this fund to double. It will take approximately (Round up to the nearest year.)
In its first 10 years a mutual fund produced an average annual return of 20.88%. Assume that money invested in this fund continues to earn 20.88% compounded annually. How long will it take money invested in this fund to double? year(s) for the money invested in this fund to double. It will take approximately (Round up to the nearest year.)
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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