Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled in the savings account? ( A. 17.42 years B. 69.66 years C. 17.67 years D. More information is required to calculate number of years.

Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled in the savings account? ( A. 17.42 years B. 69.66 years C. 17.67 years D. More information is required to calculate number of years.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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