How many years will be required for a given sum of money to be 4 times the principal amount, if it is deposited in a bank account that pays 6.97% per year, compounded annually? Round up to the nearest whole number.
How many years will be required for a given sum of money to be 4 times the principal amount, if it is deposited in a bank account that pays 6.97% per year, compounded annually? Round up to the nearest whole number.
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 12P
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14. How many years will be required for a given sum of money to be 4 times the principal amount, if it is deposited in a bank account that pays 6.97% per year, compounded annually? Round up to the nearest whole number.
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