Question: How long will it take for $45,000 placed in a savings account earning 10% interest rate per year to grow into $70,000? A. 5.64 years

How long will it take for $45,000 placed in a savings account earning 10% interest rate per year to grow into $70,000?

A. 5.64 years

B. 5.14 years

C. 4.64 years

D. 4.14 years

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:

4.) How long will it take $ 50 comma 000 placed in a savings account at 10% interest to grow into $ 75 comma 000? A.3.25 years B.6.25 years C.5.25 years D.4.25 years 5.) A businessman wants to buy a...

Q:

MBF 3C1 Lesson 8 Assignment In this assignment you are going to explore the characteristics of simple interest. Total marks: 26 marks Part A: Finding the Answer: Answer the questions in the space...

Q:

Televis has become a success over the past few years, and Marten and Julias Jobs decide it is time to meet with a financial planner to make certain his personal finances are in order. Marten has the...

Q:

CompU has become a success over the past few years, and Bill and Melinda Jobs decide it is time to meet with a financial planner to make certain his personal finances are in order. Bill has the...

Q:

Knowledge Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Kyle wants to save for a new motorcycle. He deposits $2500 in a special savings account...

Q:

I am wondering if anyone has corrected solutions to fnce 300 assignments 1 2 and 3. I am concered about my answers and would love to compare. Pretty sure on my answers for 1 and 2 mainly interested...

Q:

19 Name: ____________________________________ 1. Your friend has a credit card with an APR of 49.9% ! What would his finance charge be on a $500 charge for just 1 month? 2. Your friend has 2 credit...

Q:

PowerPoint Assignment for BUS 401: Principles of Finance You have been asked by a manager in your organization to put together a training program explaining Net Present Value (NPV) and Future Value...

Q:

Find the simple interest for each of the following. Round to the nearest cent. 1. $12,500 at 10 % simple interest for 280 days. 2. $8250 at 9% simple interest for 8 months. 3. A loan of $6000 at 11%...

Q:

1. Josh Collins plans to buy a house for $210,000. If that real estate is expected to increase in value by 3 percent each year, what will its approximate value be six years from now? 2. Using the...

Q:

Determine the covariance between the two assets and write the covariance variance matrix.

Q:

A ceramics factory can fire eight large batches of pottery a day. Sometimes a few of the pieces break in the process. In order to understand the problem better, the factory records the number of...

Q:

Which of the following is NOT a characteristic of a management control system: a . It aids and coordinates the process of making decisions. b . It encourages short - term profitability. c . It...

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...