Answered: How long will it take a single deposit…

How long will it take a single deposit of $11000 today to grow to $15625, given 14% APR compounded annually? 2.77 years 2.68 years 2.59 years 2.94 years

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 12PROB

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Question

How long will it take a single deposit of $11000 today to grow to $15625, given 14% APR compounded annually?

2.77 years

2.68 years

2.59 years

2.94 years

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