How long will it take $100 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places.a. 6%.11.90 year(s)b. 10%.c. 17%..year(s)4.41 year(s)d. 100%.1.00 year(s)

Due to the power of compounding the future value of the company increases very fast due to interest…

Answered: a. 6%. 11.90 year(s) b. 10%. c. 17%.…

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a. 6%. 11.90 year(s) b. 10%. c. 17%. year(s) 4.41 year(s) d. 100%. 1.00 year(s)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How long will it take $100 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places.
a. 6%.
11.90 year(s)
b. 10%.
c. 17%..
year(s)
4.41 year(s)
d. 100%.
1.00 year(s)

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