How many years will it take you to double your money if your rate of return...
How many years will it take you to double your money if your rate of return is 7% annually?
Homework Answers
| FV = PV*(1+r)^n | |
| Substituting values we have, | |
| 2 = 1*1.07^n | |
| Taking log of both sides | |
| log2 = n*log1.07 | |
| n = log2/log1.07 = 0.30103/0.02938 = | 10.25 |
| Answer: Number of years = 10.25 | |
| Alternative solution. | |
| Applying rule 72, it will be 72/7 = | 10.29 |
| This is a simple approximation. |
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How many years will it take you to double your money if your
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4) How long will it take your money to triple if you receive 10% return on your money, compounded annually? 5) If your money doubled in 7 years, what was the interest rate you received if compounded annually? 6) If you had two investment opportunities, A -8% compounded annually or B - 8.25% simple interest, which would you choose over a ten-year horizon?
(3) How many years would it take for you to double your initial deposit? The interest rate is 4%/ year, compounded annually. You make a deposit only once in the beginning. You may round the final answer to the nearest hundredth. For example, just write down 3.41 years if the true answer were 3.4123. (Hint: Let SC denote the initial deposit. Then, the future value will be $2C someday. Find how many years you should wait until such day comes...
Double your wealth Kant Miss Company is promising its investors that it will double their money every 2 years. What annual rate is Kant Miss promising? Is this investment a good deal? If you invest $300 now and Kant Miss is able to deliver on its promise, how long will it take your investment to reach $30,000? Using the Rule of 72, what annual rate is Kant Miss promising? 36% (Round to the nearest whole percentage) Using the time value...
Using the Rule of 72, approximately how long will it take to double your money if you invest it at 9% compounded annually? (Work out the problem on a separate sheet of paper before entering the answer.) (Round your answer to a whole number)
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