An initial investment of $5000 was made in PNW Pencil stock that generated a return equivalent to 3.5% annual interest compounded daily. Find how long it took for this initial investment to increase to $7500. Give your answer in years with 2 decimal places, don't worry about trying to convert the partial years into months or days. (show your work)
An initial investment of $5000 was made in PNW Pencil stock that generated a return equivalent to 3.5% annual interest compounded daily. Find how long it took for this initial investment to increase to $7500. Give your answer in years with 2 decimal places, don't worry about trying to convert the partial years into months or days. (show your work)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:An initial investment of $5000 was made in PNW Pencil stock that generated a return
equivalent to 3.5% annual interest compounded daily. Find how long it took for this initial
investment to increase to $7500. Give your answer in years with 2 decimal places, don't worry about
trying to convert the partial years into months or days. (show your work)
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