You deposit $1,000 in an account that pays 8% interest, compounded annually. How long will it take
Question:
You deposit $1,000 in an account that pays 8% interest, compounded annually. How long will it take to double your money?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
Computation of the Future Value Given information Present ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
How long will it take to double your money with a growth rate of 5 percent and 12 percent respectively? (Obj. 3)
-
How long will it take to double your money at an interest rate that is < < 100% starting with the expression F = P(1 + r)N? ln(1 + r) r if r < < 1 and log (x) N = N log (x)
-
Approximately how long will it take to double your money if you get 5.5%, 7.5%, or 9.5% annual return on your investment? Verify the approximate doubling period with the time value of money equation.
-
Assume that global lightning on the Earth constitutes a constant current of 1.00 kA between the ground and an atmospheric layer at potential 260 kV. (a) Find the power of terrestrial lightning. (b)...
-
The part of a tree normally sawed into lumber is the trunk, a solid shaped approximately like a right circular cylinder. If the radius of the trunk of a certain tree is growing 1/2 inch per year and...
-
In a Code Sec. 332 liquidation, what is the tax effect of the distribution of property by a subsidiary in satisfaction of its indebtedness to its parent corporation?
-
What is the annual energy demand for a building in Denver, Colorado, if the peak heat load is \(150,000 \mathrm{Btu} / \mathrm{h}\) based on a design temperature difference of \(75^{\circ}...
-
Shao Airlines is considering two alternative planes. Plane A has an expected life of 5 years, will cost $100 million, and will produce net cash flows of $30 million per year. Plane B has a life of 10...
-
You want to purchase a new car and you are willing to pay R400 000. If you can invest at 20% per year and you currently have R300 000, how long will it be before you have enough money to pay cash for...
-
According to Archimedes principle, the buoyancy force is equal to the weight of fl uid displaced by the submerged portion of an object. For the sphere depicted in Fig. P5.19, use bisection to...
-
What is the present value of a 10-year ordinary annuity of $20,000 using a 7% discount rate?
-
The Robinsons have found the house of their dreams. They have $50,000 to use as a down-payment and they want to borrow $250,000 from the bank. The current mortgage interest rate is 6%. If they make...
-
For the following exercises, use the graphs of f, shown in Figure 4, and g, shown in Figure 5, to evaluate the expressions. g( g(2)) f(x) Figure 4
-
Sunland Co. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Units Unit Cost Total Cost May 1 Inventory 34 $12 $408 15 Purchases 27...
-
Stealth bombers cruise at an altitude of 1 5 , 0 0 0 meters ( 5 0 , 0 0 0 feet ) where the air temperature is - 6 0 . 0 degrees C . What is the \"speed limit \" of a stealth bomber if we assume they...
-
Charies is 65 years of age and in receipt of a CCP retirement pension, He files a CPT30 election form on April 15th to stop CPP contributions: his employer stopped deducting CPP contributions as of...
-
Even though you can locate an object's center of gravity by suspending it from a pivot, this is rarely a practical technique. More often, we would like to calculate the center of gravity of an object...
-
A 5 0 , 0 0 0 - pound truck is parked on a 1 0 you slope ( see figure ) . Assume the only force to overcome is that due to gravity. ( Round your answers to one decimal place. ) Weight = 5 0 , 0 0 0...
-
Graph the lines, curves, or half-planes in Problems 1-12. \(x=150\)
-
Interview managers at three companies in your area about their use of ERP. How have their experiences been similar? What accounts for the similarities and differences?
-
A On 1 March 2013, A. Duff, Middle Road, Paisley, sold the following goods on credit to R. Wilson, 24 Peter Street, Loughborough, Order No. 943: (a) Prepare the sales invoice to be sent to R. Wilson....
-
Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the...
-
Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the...
-
On January 1, 2013, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a corporation. The following conversation occurred the following August between Dr. Cousins and...
-
I am working in aMobile company that is seeking to introduce a novel mobile application that implements a monthly subscription fee for its users. After conducting a comprehensive analysis, the...
-
Tatiana has recently entered a profile into the Express Entry (EE) system as a candidate under the Canadian Experience Class (CEC). She has also met the requirements to qualify under the FSW. Tatiana...
-
Columbia Corp. is a young, rapidly growing company that manufactures computer accessories and specialized components for networked computer workstations. It has some unique products and a strong...
Study smarter with the SolutionInn App