You currently have $50.6 in your savings account at an annual rate of 14 percent. How many years will it take for this investment to grow to a value of $382.4?
You currently have $50.6 in your savings account at an annual rate of 14 percent. How many years will it take for this investment to grow to a value of $382.4?
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
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You currently have $50.6 in your savings account at an annual rate of 14 percent. How many years will it take for this investment to grow to a value of $382.4?
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Step 1: Explanation of FV of an investment
The FV of an investment refers to the consolidated value of the cash flows at a given future date assuming that they grow at a fixed rate. It is used by investors to determine the worth of their holdings and to compare potential investments.
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