Mickey & Minnie have $41 million in cash. Before they retire, they want the $41 million to grow to $118 million. How many years before Mickey & Minnie can retire if they earn 5.2% per annum on their stash of cash? Assume annual compounding.
Mickey & Minnie have $41 million in cash. Before they retire, they want the $41 million to grow to $118 million. How many years before Mickey & Minnie can retire if they earn 5.2% per annum on their stash of cash? Assume annual compounding.
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 13E
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Mickey & Minnie have $41 million in cash. Before they retire, they want the $41 million to grow to $118 million. How many years before Mickey & Minnie can retire if they earn 5.2% per annum on their stash of cash? Assume annual compounding. (Enter your answer in years to 2 decimal places, e.g., 12.34)
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