Question: need help please thanks! Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to defermine how long it will take an initial
Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to defermine how long it will take an initial deposit of $12,000 to double a. If Manuel earns 11% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 8% annual interest? c. How long will it take if ho can earn 13% annual interest? d. Reviewing your findings in parts a, b, and c, incicate whot relationshig, exists betwn the interest rate and the amount of time it will take Manuel to double his money a. If Macual earns 11% annual interest, the amount of time to double his money is years. (Round to tho decimal places)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
