Theresa invested $5,000 in an account she expects will earn 8% annually. Approximately how many years will it take for the account to double in value? (Report an integer) (Hint: The easiest way to solve this problem is to use the "rule of 72".) (Note: Approximately, 1.3 is 1, not 2; and 1.5 is approximately 2.)

Theresa invested $5,000 in an account she expects will earn 8% annually. Approximately how many years will it take for the account to double in value? (Report an integer) (Hint: The easiest way to solve this problem is to use the "rule of 72".) (Note: Approximately, 1.3 is 1, not 2; and 1.5 is approximately 2.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 34P

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