I need answer Bob has $2,500 invested in a bank that pays 4%annually. How long will it take for his funds to double?a. 14 yearsb. 15 yearsc. 16 yearsd. 17 yearse. 18 years

We will basically use compound interest formula directly in this problem. Given that,The investment…

Answered: Bob has $2,500 invested in a bank that…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter19: Capital Investment

Section: Chapter Questions

Problem 8E

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Bob has $2,500 invested in a bank that pays 4% annually. How long will it take for his funds to double? a. 14 years b. 15 years c. 16 years d. 17 years e. 18 years
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