Chapter 5, Problem 13P

(a)

Summary Introduction

To calculate: Time for a lump sum to double a) at 7%

Lump Sum: Lump sum is a large amount of money paid on a single occasion instead of paying small amount time to time. The amount has been paid for the value of an asset or for other purposes of retirement.

(b)

Summary Introduction

To calculate: Time for a lump sum to double at 10%

(c)

Summary Introduction

To calculate: Time for a lump sum to double at 18%

(d)

Summary Introduction

To calculate: Time for a lump sum to double at 100%.