Rounded to the nearest month, how long will it take an investment to double if it earns: a) 8.4% compounded annually? b) 10.5% compounded semiannually?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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using 72 doubling rule
Rounded to the nearest month, how long
will it take an investment to double if it
earns: a) 8.4% compounded annually? b)
10.5% compounded semiannually?
Transcribed Image Text:using 72 doubling rule Rounded to the nearest month, how long will it take an investment to double if it earns: a) 8.4% compounded annually? b) 10.5% compounded semiannually?
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