1 How long it will take for a sum of money to quardruple at 10% compounded annually? [ans:11.51%]. What is the nominal rate compounded monthly that will make $1000 become $2000 in 5 years? [ans:13.9%].

1 How long it will take for a sum of money to quardruple at 10% compounded annually? [ans:11.51%]. What is the nominal rate compounded monthly that will make $1000 become $2000 in 5 years? [ans:13.9%].

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

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How long it will take for a sum of money to quardruple at 10% compounded annually? [ans:11.51%].

What is the nominal rate compounded monthly that will make $1000 become $2000 in 5 years? [ans:13.9%].

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