Answered: JL has P1,000,000.00. He plans to…

JL has P1,000,000.00. He plans to invest it and wants to grow his money to P2,000,000.00 after 5 years. At what yearly interest rate should he invest his money to reach his goal amount?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 10E

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JL has P1,000,000.00. He plans to invest it and wants to grow his money to P2,000,000.00 after 5 years. At what yearly interest rate should he invest his money to reach his goal amount?

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