A person invests $2000 in an account at 10% interest compounded annually. When will the value of the investment be doubled? Explain why it will take less than 10 years, even though the rate is 10%. For the value of the investment to be doubled it will take about t = years. (Round to two decimal places as needed.)

A person invests $2000 in an account at 10% interest compounded annually. When will the value of the investment be doubled? Explain why it will take less than 10 years, even though the rate is 10%. For the value of the investment to be doubled it will take about t = years. (Round to two decimal places as needed.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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