Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled in the savings account? ( A. 17.42 years B. 69.66 years C. 17.67 years D. More information is required to calculate number of years.
Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled in the savings account? ( A. 17.42 years B. 69.66 years C. 17.67 years D. More information is required to calculate number of years.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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7
![7. Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded
quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled
in the savings account? (
A. 17.42 years
B. 69.66 years
C. 17.67 years
D. More information is required to calculate number of years.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8dbf5e76-f21b-4751-a743-5e9954422f19%2F1b7a11e8-1ffa-4e76-9453-0ce46a175500%2Fh72nc9f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7. Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded
quarterly. Which of the following is the correct number of years Leo needs to wait for his money to be doubled
in the savings account? (
A. 17.42 years
B. 69.66 years
C. 17.67 years
D. More information is required to calculate number of years.
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