Question: (4-11) Time for a Lump Sum to Double due in 10 years at a 12% discount rate To the closest year, how long will it

 (4-11) Time for a Lump Sum to Double due in 10

(4-11) Time for a Lump Sum to Double due in 10 years at a 12% discount rate To the closest year, how long will it take $200 to double if it is deposited and earns the following rates? (Notes: (1) See the Hint for Problem 4-9. (2) This problem cannot be solved exactly with some financial calculators. For example, if you enter PV = -200, PMT 0, FV 400, and I = 7 in an HP-12C and then press the N key, you will get 11 part a. The correct answer is 10.2448 years, which rounds to 10, but the calculator rounds up. However, the HPIOBIT gives the exact answer.) a. 7% b. 10% C 1896 d. 100% years for

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