You receive a $4,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 6% per year and you think you will need to have $8,000 saved for the down payment. How long will it be before the $4,000 has grown to $8,000 ? To double the money you received from your grandparents, it will take years. (Round to one decimal place.)

You receive a $4,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 6% per year and you think you will need to have $8,000 saved for the down payment. How long will it be before the $4,000 has grown to $8,000 ? To double the money you received from your grandparents, it will take years. (Round to one decimal place.)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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You receive a $3,000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 8% per year an you think you will need to have $6,000 saved for the down payment. How long will it be before the $3,000 has grown to $6,000 ?
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