Accounting ? If an investment of $45,000 is earningan interest rate of 4.00%, compoundedannually, then it will takefor this investment to reach a valueof $50,618.88 - assuming that noadditional deposits or withdrawals aremade during this time.A) 0.38 yearsB) 8.89 yearsC) 1.13 yearsD) 3.00 years

To determine how long it will take for a 45,000 investment earning 450,618.88, we use the compound…

Answered: If an investment of $45,000 is earning…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 13E

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If an investment of $45,000 is earning an interest rate of 4.00%, compounded annually, then it will take for this investment to reach a value of $50,618.88 - assuming that no additional deposits or withdrawals are made during this time. A) 0.38 years B) 8.89 years C) 1.13 years D) 3.00 years