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eri stoga u You receive a $8,000 check from your payment. How long will it be before the $8,000 has grown to $16,000? letosave it to an a down payment on a hose You ivest it ea ing7% per year and you th kyou wil need to have S16000 saved forthe down ion ou To double the money you received from your grandparents, it will take years. (Round to one decimal place )

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Answer #1

Answer:

Present Value (PV) = $8,000
Future Value (FV) = $16,000
Rate (r) = 7%
Time (n) = ??

Future Value = Present Value * (1 + r)^n
$16,000 = $8,000 * (1 + 0.07)^n
2 = (1.07)^n
ln(2) = ln(1.07)
n = 10.24 or 10.2 years

It will take 10.2 years to double the money.

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