Question: How long ( in years ) will it take $ 1 0 9 0 to grow to $ 1 3 2 0 if it is

How long (in years) will it take $1090 to grow to $1320 if it is invested in an account that earns 6.3% simple annual interest?
Round your answer to the nearest tenth of a year (one decimal place.)
years
How long (in years) will it take $1090 to grow to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

1. What is the future value of $6,221 invested for 5 years at an annually compounded rate of 7%? 2. What is the present value of $41,771 to be received 6 years in the future if the discount rate is...

Q:

What is the future value of $5,118 invested for 22 years at an annually compounded rate of 9%? What is the present value of $47,173 to be received 10 years in the future if the discount rate is 5% If...

Q:

Please answer each part of the question. (Compounding using a calculator) Lisa Simpson wants to have $1.9 million in 55 years by making equal annual end-of-the-year deposits into a tax-deferred...

Q:

1. [I8.33 Points] DETAILS TANAPCALCEI'HO 5.3.001. Find the accumulated amount A, if the principal P is invested at an interest rate of r per year for 2' years. (Round your answer to the nearest...

Q:

1. How many years will it take for $90 to grow to $345.23 if invested at 13% p.a. compounded annually? (Round to 2 decimal places) 2. At what annual percentage rate would $500 grow to $983.58 in 10...

Q:

You have just begun a new stage in your careeryou have been hired to be the Human Resources (HR) Manager for Berkley Innovative Technologies. Upon meeting the CEO, she described how the company's...

Q:

answer each one and make sure to show your work. 1 Federal Reserve Bank (FED) lowered the target for federal funds rate from 5.25% in June 2006 to 0-25% in December 2008. and the target has remained...

Q:

1. How many years will it take for $90 to grow to $345.23 if invested at 13% p.a. compounded annually? (Round to 2 decimal places) 2. At what annual percentage rate would $500 grow to $983.58 in 10...

Q:

1. How many years will it take for $90 to grow to $345.23 if invested at 13% p.a. compounded annually? (Round to 2 decimal places) 2. At what annual percentage rate would $500 grow to $983.58 in 10...

Q:

I have some questions cannot solutioncan you help me 1 2 3 4 5 Student ID Student Name Time Value of Money (65%) DRAFT AREA PLEASE ENTER YOUR RESULTS INTO YELLOW CELLS & SHOW ALL WORKING IN THE DRAFT...

Q:

[1 1 0 2 Let A = 2 2 1 2 be (3 x 4) matrix, 1 0 1 which of the following sets represents a basis for column space of A Select one: O a. S = {(1,2, 1), (2, 2, 0)} O b. S = {(1,2, 1), (0, 1, 1)} O c. S...

Q:

Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2010. Instructions (a) Determine Forest Parks net...

Q:

5 The angles in a triangle are in the ratio 2:3:4. What are the sizes of the angles in the triangle?

Q:

WHAT IS the cash flow statement BBINFIT ,AND HOW WE CAN ANALAYSES

Q:

=+1. Answer the following questions about your own experience in the labor force.

Q:

=+ a. When you or one of your friends is looking for a part-time job, how many weeks does it typically take? After you fi nd a job, how many weeks does it typically last?

Q:

=+ 3. Give three explanations why the real wage may remain above the level that equilibrates labor supply and labor demand.