2W Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine...

70.2K

Verified Solution

Question

Finance

image
2W Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $11,000 to double, a. I Manuel cams 9% annual interest on the deposit, how long wil it take for him to double his money? b. How long will it take it he earns only 6% annual interest c. How long will it take if he can earn 11% annual interest? d. Reviewing your findings in parts a, b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money a. I Marwelcome 9% annual interest, the amount of time to double his money is years (Round to two decimal places) core

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students