You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time (in months) Savings balance 0 $1350.00 1 $1367.55 2 $1385.33 3 $1403.34 4 $1421.58 5 $1440.06 Find how long it takes for your money to double in value. a) 4.47 years b) 53.66years c) 52.97 years d) 23.67 years

You have invested money in a savings account that pays a fixed monthly interest on the account balance. The following table shows the account balance over the first 5 months. Time (in months) Savings balance 0 $1350.00 1 $1367.55 2 $1385.33 3 $1403.34 4 $1421.58 5 $1440.06 Find how long it takes for your money to double in value. a) 4.47 years b) 53.66years c) 52.97 years d) 23.67 years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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