Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: The Basic Tools Of Finance
Section19.1: Present Value: Measuring The Time Value Of Money
Problem 1QQ
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1. Suppose that you invest $100. At 3% interest, how long does it take to double your money? To quadruple it?
2. Suppose that Anna's college education would cost around $500,000 when they enter college in 15 years. At present, She have $100,000 to invest.What annual interest must she earn on her investment to cover the cost
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