Suppose you deposit $20,000 in an account today that pays 4% interest, compounded annually. How long does it take before the balance in your account is $80.000?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Suppose you deposit $20,000 in an account today that pays 4% interest, compounded annually. How long does it take before the balance in your account is $80.000?

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