At 7.5 percent interest, how long does it take to double your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Length of time | years |
At 7.5 percent interest, how long does it take to quadruple it? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Length of time |
years |
1) future value = present value (1+r)^n
2 = 1 (1+.075)^n
2 = 1.075^n
by interpolation or using future value table ,you find at 7.5% ,your value get double between 9 years and 10 years
so by interpolation the value comes to be 9.58%
b)at 7.5% ,to grow investment to quadruple ,using interpolation ,you get value between 19 and 20 years...
so the years (using hit and trial) = 19.20% approx .
At 7.5 percent interest, how long does it take to double your money? (Do not round...
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