2. If you deposit 1500$ in bank account that pays 10% interest annually, how long will it take to double your money? * O a) 5 years b) 7.27 years c) 5.35 years

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A: Present Value is the current value of the future sum of money at the specific rate of return.

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A: Interest rate per month = 12%/12 = 1% per month Time period = 7 years * 12 = 84

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A: Here. Required Amount in 8 Years  (FV) is$60,000 Interest Rate (r) is 9% Time Period is 8 years