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How long will it take to $200 of interest if $1000 has been deposited into an account with an interest rate of 14% that compounds semiannually? 1 year 6 months 2 years 6 months 2 years 1 Year

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

How long will it take to $200 of interest if $1000 has been deposited into an
account with an interest rate of 14% that compounds semiannually?
1 year 6 months
2 years 6 months
2 years
1 Year

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