Question

At an interest rate of 5%, what comes closest to the amount of time it takes...

At an interest rate of 5%, what comes closest to the amount of time it takes for a deposit of $7,500 to reach $15,000?

a.

14.21 years

b.

10.24 years

c.

23.45 years

d.

11.90 years

e.

17.67 years

Homework Answers

Answer #1

Hopefully this will help you . If you still have any doubt in any step please let me know in comments. I shall reply you as soon as possible. Thank you.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What amount comes closest to the future value, at the end of year 20, of a...
What amount comes closest to the future value, at the end of year 20, of a 15 year annuity of $550 that makes its first payment at the end of year 6? Use an interest rate of 5%. a. $ 12,802 b. $ 11,031 c. $ 13,821 d. $ 10,229 e. $ 11,868
5. Finding the interest rate and the number of years The future value and present value...
5. Finding the interest rate and the number of years The future value and present value equations also help in finding the interest rate and the number of years that correspond to present and future value calculations. If a security currently worth $12,800 will be worth $16,843.93 seven years in the future, what is the implied interest rate the investor will earn on the security—assuming that no additional deposits or withdrawals are made? 0.19% 7.60% 1.32% 4.00% If an investment...
which comes closest to the present value of 20 consecutive annual payments of 1000 that begin...
which comes closest to the present value of 20 consecutive annual payments of 1000 that begin at the end of year 6, if the interest rate is 3%. A. $12,833.41, B. $13,560.87, C. $13,877.25, D. $14,877.44, E. $15,622.06
The time is takes to quadruple an investment of 50000 made today , if the investment...
The time is takes to quadruple an investment of 50000 made today , if the investment earns a 4% rate of return annually is closest to: a. 35.35 months b. 29.42 years c.35.35 years d.294.2 months
Mustafa is saving to buy a house. His goal is $500000. The interest rate is 5%...
Mustafa is saving to buy a house. His goal is $500000. The interest rate is 5% compounded annually, and his plan is to make deposits of $P at the end of every month for 6 years. a) What is the effective monthly rate? b) What is $P? After 2 years, the interest rate changes to 5%. c) How much money has he saved so far? d) If he keeps on making the same monthly deposit, how much money will he...
What amount must be invested today at an annual interest rate of 8% if you want...
What amount must be invested today at an annual interest rate of 8% if you want to purchase a $550,000 machine four years in the future? a) What is the number of time periods (N) you should use in solving this problem? b) What rate of interest (i), per period of time, should be used in solving this problem? c) Is the present single amount of money (P) known? (Yes or No) d) What is the desired future amount? (Use...
1. Find the amount and compound interest of $ 57,250 at 5 1/4% for the 10-year...
1. Find the amount and compound interest of $ 57,250 at 5 1/4% for the 10-year period calculated: a. annually b. biannually c. quarterly basis d. monthly e. continually 2. How much money do you need to deposit in your investment account to have $ 100,000 after twenty-five years at 5.45% interest calculated annually?
An amount that is calculated by multiplying an interest rate by a principal amount that is...
An amount that is calculated by multiplying an interest rate by a principal amount that is increased each interest period by the previously accumulated interest is known as A. stated interest. B. simple interest. C. interest. D. nominal interest rate. E. compound interest.
Compute the missing amount for each of the following notes: Principal Annual Interest Rate Time Total...
Compute the missing amount for each of the following notes: Principal Annual Interest Rate Time Total Interest (a). $40,000 10% 2.5 years ?? (b). $120,000 ?? 9 months $7,200 (c) ?? 10% 90 days $1,500 (d). $40,000 9% ??   $1,200
Q1: If the discount interest rate is 8%, the future value of a stream of cash...
Q1: If the discount interest rate is 8%, the future value of a stream of cash flows of $500 deposited into an account at the end of each of the next 40 years, is closest to? a. $23 b. $5,962 c. $6,439 d. $20,000 e. $129,528 Q2: If the discount interest rate is 8%, the present value of a stream of cash flows of $500 paid at the beginning of each of the next 40 years, is closest to? a....