Question: You have decided to deposit $ 4 0 , 0 0 0 into an account that pays 1 0 percent interest, compounded annually. How long

You have decided to deposit $40,000 into an account that pays 10 percent interest, compounded annually. How long will you have to wait until your deposit is worth $150,000?
Group of answer choices
13.87
22.21
20.34
12.78

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!