An investor wants to get back his 10000$ savings as 18106$ in the future by depositing it in the bank with an annual interest of 16%. How long should the initial money be deposited in the bank in order to reach this amount. I have 30 minutes to send. Please help me quickly. thanks.

An investor wants to get back his 10000$ savings as 18106$ in the future by depositing it in the bank with an annual interest of 16%. How long should the initial money be deposited in the bank in order to reach this amount. I have 30 minutes to send. Please help me quickly. thanks.

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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Question

An investor wants to get back his 10000$
savings as 18106$ in the future by depositing
it in the bank with an annual interest of 16%.
How long should the initial money be
deposited in the bank in order to reach this
amount.
I have 30 minutes to send. Please help me
quickly. thanks.

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