Question: How many years will it take for the principal amount of James to double if it is invested in an account that gives 10% ordinary

How many years will it take for the principal amount of James to double if it is invested in an account that gives 10% ordinary simple interest?

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 Economics Questions!

Q:

1. An investment will pay $150 at the end of the first year, $200 at the end of the year 2, $300 at the end of year 3, and $350 at the end of year 4. If other investments of equal risk earn 7 percent...

Q:

What is the effective interest rate for the rst year for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%? Instructions: Week 5 Individual Assignment Total...

Q:

Unit 4 - Financial Calculations 1. Selina has a balance of $1,200 in his First State Bank checking account. He deposits a $387.89 paycheck, a $437.12 dividend check, and a personal check for $250...

Q:

1. (Compound annuity) What is the accumulated sum of each of the following streams of payments? a. $480 a year for 10 years compounded annually at 9 percent. b. $108 a year for 7 years compounded...

Q:

plz solve these problems. Solve the following problems: 1. In order to build a new warehouse facility, the regional distributor for Valco Multi-Position Valves borrowed $1.6 million at 10% per year...

Q:

1. Dick takes a loan of $8,000 to buy a used truck at the rate of 9 % simple Interest.Calculate the annual interest to be paid for the loan amount. 2. Steve invested $ 10,000 in a savings bank...

Q:

Part 1 (16 points) 1. (1 point) If you wish to accumulate $145,000 in 13 years, how much must you deposit today in an account that pays an annual interest rate of 8.75%? Round to the nearest $0.01....

Q:

Calculate all of the problems in the document below in an Excel spreadsheet or on a financial calculator. Please show your work in order to get credit. For each problem, state the inputs given, what...

Q:

Calculate all of the problems in the document below in an Excel spreadsheet or on a financial calculator. Please show your work in order to get credit. For each problem, state the inputs given, what...

Q:

need help with 4-1, 4-7, 5-1, 5-5 & 5-19 only these 5 problems, I can do the rest TY (4-1) Future Value of a Single Payment (4-2) Present Value of a Single Payment If you deposit $10,000 in a bank...

Q:

Which of the following could explain a rightward shift of the short-run aggregate supply curve? An increase in business investment An increase in the personal income tax rate A nominal wage increase...

Q:

A researcher measures three variables, X, Y, and Z, for each individual in a sample of n = 25. The Pearson correlations for this sample are r XY = 0.8, r XZ = 0.6, and r YZ = 0.7. a. Find the partial...

Q:

Which one of the following refers to a depreciation of the rand? Select one: A . R 1 = $ 0 . 2 5 to R 1 = $ 0 . 3 0 B . $ 1 = R 8 to $ 1 = R 7 C . R 1 = $ 0 . 5 0 to R 1 = $ 0 . 5 5 D . R 1 = $ 0 . 3...

Q:

The trial balance of the Sterling Company shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors (shown on page...

Q:

Financial statement information about four different companies is as follows. Instructions(a) Determine the missing amounts. (b) Prepare the owner??s equity statement for Yates Company.(c) Write a...

Q:

Barones Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions is presented below. 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash....

Q:

Transactions for the Hank Norris Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June 1 Hank Norris invests $5,000 cash in a...

Q:

Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2.5 on June 30 of the current year. On that date, the companys assets were: The Norwegian currency is the krone, denoted here by the...

Q:

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

Q:

2. In this chapter, the reader should reflect on the following concepts: feedback and flexibility as a basis for change, intention and communication as a basis for change and behavioural patterns as...

Q:

Always have the dignity of the other or others as a backdrop.

Q:

1. There are two purposes in this chapter. The first is to break out of habits that have a limiting effect on ones own ability to change. Secondly, it is to understand how the cleaning affects the...