David has a savings account with a 1,000 balance today. The account earns an annual percentage rate of interest of 1.50%, compounded monthly. David plans to make no other deposits or withdrawals. How many years will it take David's account balance to double? Your Answer:

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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David has a savings account with a 1,000 balance today. The account earns an
annual percentage rate of interest of 1.50%, compounded monthly. David plans to
make no other deposits or withdrawals. How many years will it take David's account
balance to double?
Your Answer:
Answer
Transcribed Image Text:David has a savings account with a 1,000 balance today. The account earns an annual percentage rate of interest of 1.50%, compounded monthly. David plans to make no other deposits or withdrawals. How many years will it take David's account balance to double? Your Answer: Answer
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