I met Mr. Talagitok a year ago and he told me that he had invested a hundred thousand dollars in a bank. After 5 years, he received two million dollars. The bank gave interest of up to 30% per annum. Calculate the amount of times that the interest is compounded. Given:  P = $100, 000 FV = $2, 000, 000 r = 0.30 t = 5 years

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
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I met Mr. Talagitok a year ago and he told me that he had invested a hundred thousand dollars in a bank. After 5 years, he received two million dollars. The bank gave interest of up to 30% per annum. Calculate the amount of times that the interest is compounded.

Given: 

P = $100, 000

FV = $2, 000, 000

r = 0.30

t = 5 years

5. Imet Mr. Talagitok a year ago and he told me that he had invested a hundred
thousand dollars in a bank. After 5 years, he received two million dollars. KAPA gave
interest of up to 30% per annum. Calculate the amount of times that the interest is
compounded.
Given:
P = $100, 000
FV = $2, 000, 000
r = 0.30
t = 5 years
Transcribed Image Text:5. Imet Mr. Talagitok a year ago and he told me that he had invested a hundred thousand dollars in a bank. After 5 years, he received two million dollars. KAPA gave interest of up to 30% per annum. Calculate the amount of times that the interest is compounded. Given: P = $100, 000 FV = $2, 000, 000 r = 0.30 t = 5 years
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