How many years will it take to double your investment of $2,000 if it has an interest
Question:
How many years will it take to double your investment of $2,000 if it has an interest rate of 6% compounded annually?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
F 2P P1 006 ...View the full answer
Answered By
Allan Simiyu
I am an adroit Writer. I am a dedicated writer having worked as a writer for 3 years now. With this, I am sure to ace in the field by helping students break down abstract concepts into simpler ideas.
5.00+
8+ Reviews
54+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
You deposit $3,000 in a savings account that earns 8% simple interest per year. How many years will it take to double your balance? If, instead, you deposit the $3,000 in another savings account that...
-
How many years will it take for an investment to double in value if the rate of return is 9 percent, and compounding occurs? a. annually? b. quarterly?
-
You deposit $10,000 in a savings account that earns 7.5% simple interest per year. What is the minimum number of years you must wait to double your balance? Suppose instead that you deposit the...
-
Calculate the investment return, BAR, and ALPHA of the following investment, all over one year. Market return .12 or 12% investment in Tesla stock, $15000 , then sold at end of year for $32000, bet...
-
Refer to the Arctic Springs Bottling Department Data Set and your answer to S5-18. Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the...
-
Senora Company manufactures a single product that sells for $110 per unit. The company projects sales of 500 units per month. Projected costs are as follows: 1. Prepare a contribution margin income...
-
Fill in the Blank. The life of a machine follows the classic ___________ curve.
-
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur...
-
Assume that you have received notice that you are being interviewed for that job. You now have to prepare for the upcoming interview. Part of your preparation is to plan for how you will respond to...
-
JRC Trading Corp (JRC) bought computer software and hardware from Progressive Data Systems (PDS) for $167,935, which it paid in full, to track movement of its trucks with inventory and to process...
-
How many years will it take an investment to triple if the interest rate is 7% compounded annually?
-
If you want to withdraw $10,000 at the end of two years and $35,000 at the end of four years, how much should you deposit now into an account that pays 9% interest compounded annually? See the...
-
Inspect various household products and describe how they are joined and assembled. Explain why those particular processes were used?
-
After several years of internal debate, the Steig Primary Group has decided to offer a walk-in clinic for patients. Many of the physicians were not happy with the change as it meant that one day a...
-
Give SQL commands to create a Car table, with columns for the vehicle identification number, manufacturer, model, and year of each car, and to insert all cars that your family members own. Exercises ...
-
What is the difference between these two expressions? words.filter(w ->w.length() > 10). limit (100).count() words. limit (100).filter(w w.length() >10).count()
-
Repeat Exercise E21.3, reading one line at a time and writing the reversed lines to a temporary file. Then erase the original and move the temporary file into its place. Data from exercise E21.3...
-
Provide a static method that returns the reverse of a generic array list, without modifying the original list.
-
(a) determine whether the parabola will open upward or downward. (b) find the equation of the axis of symmetry. (c) find the vertex. (d) find the y-intercept. (e) find the x-intercepts if they exist....
-
Use this circle graph to answer following Exercises. 1. What fraction of areas maintained by the National Park Service are designated as National Recreation Areas? 2. What fraction of areas...
-
Determine the interest rate (i) that makes the pairs of cash flows shown economically equivalent. $2000 $2000 $2000 $2000 $2000 $2000 Years i- 2 $2500 1815 s1406 si055 s91 $593 $791 Years
-
You have $10,000 available for investment in stock. You are looking for a growth stock whose value can grow to $35,000 over five years. What kind of growth rate are you looking for?
-
How long will it take to save $1 million if you invest $2,000 each year at 6%?
-
American Blossom management is planning to make a $3.7 million loan to a French firm. Currently, LIBOR is at 0.55 percent. American management considers a default risk premium of 1.10 percent, a...
-
The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable $120,000 48,000 Maintenance expense 21,400 Advertising expense 17,060...
-
Abbott Equipment leased a protein analyzer to Werner Chemical, Inc., on September 30, 2021. Abbott purchased the machine from NutraLabs, Inc., at a cost of $5 million. The five-year lease agreement...
Study smarter with the SolutionInn App