Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $7,000 to double. a. If Manuel earns 8% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 5% annual interest? c. How long will it take if he can earn 10% 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. If Manuel earns 8% annual interest, the amount of time to double his money is years. (Round to two decimal places.)

Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $7,000 to double. a. If Manuel earns 8% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 5% annual interest? c. How long will it take if he can earn 10% 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. If Manuel earns 8% annual interest, the amount of time to double his money is years. (Round to two decimal places.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 5CE

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Manuel Rios wishes to determine how long it will take an initial deposit of $10,000 to double. If Manuel earns 10% annual interest on the deposit, how long will it take for him to double his money? How long will it take if he earns only 7% annual interest? c. How long will it take if he can earn 12% annual interest? 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. How do i work this out by hand not through excel?
Manuel Rios wishes to determine how long it will take an initial deposit of $10,000 to double. If Manuel earns 10% annual interest on the deposit, how long will it take for him to double his money? How long will it take if he earns only 7% annual interest? c. How long will it take if he can earn 12% annual interest? 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.
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