If $9,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.005)t. (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months

If $9,000 is invested at 6% per year compounded monthly, the future value S at any time t (in months) is given by S = 9,000(1.005)t. (a) What is the amount after 1 year? (Round your answer to two decimal places.) $ (b) How long before the investment doubles? (Round your answer to one decimal place.) months

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 15PROB

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