If you have $60,000 in a bank account that is paying an interest rate of 7% that
Fantastic news! We've Found the answer you've been seeking!
Question:
- If you have $60,000 in a bank account that is paying an interest rate of 7% that is being compounded annually, how many years will it take to double your investment if the interest rate stays the same?
Expert Answer:
Answer rating: 100% (QA)
To double your investment the future value of your 60000 ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Give the domain of each rational function using (a) Set-builder notation (b) Interval notation f(x) 2x - 3x + 4 3x + 8 -8
-
According to the Association of American Medical Colleges, only 42% of medical school applicants were admitted to a medical school in the fall of 2013. Upon hearing this, the trustees of Striving...
-
Sophie is a single taxpayer. For the first payroll period in October 2013, she is paid wages of $3,250 monthly. Sophie claims three allowances on her Form W-4. a. Use the percentage method to...
-
Under what conditions would an auditor take action for the subsequent discovery of facts existing at the report date?
-
Figure illustrates the BOM for product A. The MPS start row in the master production schedule for product A calls for 50 units in week 2.65 units in weeks 5, and 80 units in week 8. Item C is...
-
You are measuring the length of a string using a a meter stick. Your actual measurement of the string is 58 cm 1 cm. Compare the accuracy and precision of your measurement compared to the expected...
-
Interest Rates and Future Values. How does the rate of interest affect future values? (Select the best answer below.) A. Higher rates of interest will result in lower future values. OB. Higher rates...
-
A skater collides with the boards on the rink at a point which is 2 5 m [ S 6 0 E ] of where she started. If she hit the boards with a velocity of 4 . 5 m / s [ E ] after spending only 1 0 . 0 s on...
-
What would happen when trying to measure voltage but put the Multimeter in series with the device we measure? Why do you think this happens?
-
Given the function f, defined by f(x)=3x+2x-4, find f(x + a).
-
Consider the following pseudo-code: Algorithm FibCache Inputs: n, an integer >= 0 C, an array of integers Output: the nth Fibonacci number (and possible changes to C) 1 if capacity(C)
-
Do you think there is a difference when Bitcoin is mined using energy from hydroelectric power (dams) rather than coal-powered plants. Explain?
-
1. What was Howard Schultzs original strategic vision for Starbucks? 2. Has Starbucks strategy evolved as the strategic vision has evolved? 3. Which one of the five generic competitive strategies...
-
Consider the sections of two circuits illustrated above. Select True or False for all statements.After connecting a and b to a battery, the voltage across R1 always equals the voltage across R2.Rcd...
-
Solve Chapter Problem 13.21, assuming the power spectral density is band limited with \(\omega_{1}=50 \mathrm{rad} / \mathrm{s}\) and \(\omega_{2}=200 \mathrm{rad} / \mathrm{s}\). Data From Chapter...
-
Solve Chapter Problem 13.21, assuming the force is narrowband with a power spectral density given by \(S_{F}(\omega)=\frac{3 \times 10^{-3}}{2+5 \omega^{2}}\). Data From Chapter Problem 13.21: A SDOF...
-
Fine Leather Ltd has provided the following production and sales information for each pair of its dress shoes. The fixed costs for the period are \($1\) 125 000. Required (a) Calculate the...
Study smarter with the SolutionInn App