Description
1. A banker tell you he has a CD, that is compounded monthly, that will double your money in 14 years. If you invest $10,000; find the following
a.
How
much should you have at the end of the 14 years?
b. What
is the annual interest rate for this CD?
c. How
much time would be required to triple your money?
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Explanation & Answer
a)20,000
b)r = n[(A/P)1/nt - 1]
r=12(20000/10000)^1/(12*14)-1
r=4.96
5%
c)t = 22.02 years
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