With an interest rate of 8%, how long does it take for an investment of $10, 400 to grow to $20, 000, if the interest is compounded (a) annually? (b) monthly (please keep 7 decimal places during your computation)? (c) continuously?

With an interest rate of 8%, how long does it take for an investment of $10, 400 to grow to $20, 000, if the interest is compounded (a) annually? (b) monthly (please keep 7 decimal places during your computation)? (c) continuously?

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

Section: Chapter Questions

Problem 1PS

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With an interest rate of 8%, how long does it take for an investment
of $10, 400 to grow to $20, 000, if the interest is compounded
(a) annually?
(b) monthly (please keep 7 decimal places during your computation)?
(c) continuously?

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