Suppose you deposited $13,000 in a savings account earning 2.9% interest compounding daily. How long will...
Suppose you deposited $13,000 in a savings account earning 2.9% interest compounding daily. How long will it take for the balance to grow to $26,000? Answer in years rounded to one decimal place.
Homework Answers
rate positively ..
| We have to use finanical calcualtor to solve this | ||||||
| put in calcualtor- | ||||||
| FV | 26000 | |||||
| PV | -13000 | |||||
| PMT | 0 | |||||
| I | 2.9%/365 | 0.007945% | ||||
| Compute N | 8,724 | |||||
| Therefore it will take | 8,724 | days | ||||
| OR | 23.9 | year to have 26000 | ||||
| ans = | 23.9 | year | ||||
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