To the closest year, how long will it take $200 to double if it is deposited and
Question:
To the closest year, how long will it take $200 to double if it is deposited and earns the following rates? [Notes: (1) See the hint for Problem 2-1. (2) This problem cannot be solved exactly with some financial calculators. For example, if you enter PV _ _200, PMT _ 0, FV _ 400, and I _ 7 in an HP-12C, and then press the N key, you will get 11 years for part a. The correct answer is 10.2448 years, which rounds to 10, but the calculator rounds up. However, the HP-10B gives the correct answer.]
a. 7 percent.
b. 10 percent.
c. 18 percent.
d. 100 percent.
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a With a financial calculator enter I 7 PV ...View the full answer
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Related Book For
Financial management theory and practice
ISBN: 978-0324422696
12th Edition
Authors: Eugene F. Brigham and Michael C. Ehrhardt
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