Answered: An individual has $1,000 to invest. He…

An individual has $1,000 to invest. He wants to accumulate $3,670 and can earn 8% annual interest on investments, compounded annually. How many years will it take to attain his goal?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 10E

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An individual has $1,000 to invest. He wants to
accumulate $3,670 and can earn 8% annual
interest on investments, compounded
annually. How many years will it take to attain
his goal?

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