Amir Salim wishes to determine how long it will take an initial deposit of US$10,000 to double.
Question:
a. If Amir earns 10 percent annual interest on the deposit, how long will it take for him to double his money?
b. How long will it take if he earns only 7 percent annual interest?
c. How long will it take if he can earn 12 percent annual interest?
d. Reviewing your findings in parts a, b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Amir to double his money.
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a I 10 PV 10000 FV 20000 Solve for N 727 years b I ...View the full answer
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Related Book For 
Principles of Managerial Finance
ISBN: 978-1408271582
Arab World Edition
Authors: Lawrence J. Gitman, Chad J. Zutter, Wajeeh Elali, Amer Al Roubaix
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