Question: How long will it take ( in years and months ), for $400 to double in value, if it earns interest at 3.13% compounded semi-annually
How long will it take (in years and months), for $400 to double in value, if it earns interest at 3.13% compounded semi-annually. Round N to the next higher value (e.g. N = 123.2 becomes N = 124), and round the month to the next higher month (e.g. 7.1 becomes 8). Years must be an integer. If years is an exact integer such as 17 years 0 months, a zero must be entered for months.
| I/Y = | % | P/Y = C/Y = |
| PV = | $ | PMT = | $ | FV = | $ |
N= Time=
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
