Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously. If $10,000 is invested in this CD, how long will it take for the account to be worth $11,154? Round to the nearest tenth of a year. ____years

Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously. If $10,000 is invested in this CD, how long will it take for the account to be worth $11,154? Round to the nearest tenth of a year. ____years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Stock Market Indices

Stock indexes are used to compare the price fluctuations of a group of stocks of similar companies, which are combined based on a similar industry or a particular market capitalization limit or type of market. The price comparison is based on a pre-determined standard method or indicators. These stock indexes are usually considered a base for comparison of a particular stock, and the performance of that particular company can be easily determined.

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Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously.

If $10,000 is invested in this CD, how long will it take for the account to be worth $11,154? Round to the nearest tenth of a year.

____years

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