Answered: Suppose that you have PhP 10,000 cash…

Suppose that you have PhP 10,000 cash today and invest it at an interest rate of 10% compounded quarterly. How many years will it take you to become a millionaire? A. 46.62 B. 48.32 C. 24.16 D. 35.18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that you have PhP 10,000 cash today and invest it at an interest rate of 10% compounded quarterly. How many years will it take you to become a millionaire?

A. 46.62

B. 48.32

C. 24.16

D. 35.18

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