(a)
To calculate: Time for a lump sum to double at 6%
Lump Sum: Lump sum is a large amount of money paid on a single occasion instead of paying small amount time to time. The amount has been paid for the value of an asset or for other purposes such as on a retirement.
(b)
To calculate: Time for a lump sum to double at 13%
Lump Sum: Lump sum is a large amount of money paid on a single occasion instead of paying small amount time to time. The amount has been paid for the value of an asset or for other purposes such as on a retirement.
(c)
To calculate: Time for a lump sum to double at 21%
Lump Sum: Lump sum is a large amount of money paid on a single occasion instead of paying small amount time to time. The amount has been paid for the value of an asset or for other purposes such as on a retirement.
(d)
To calculate: Time for a lump sum to double at 100%
Lump Sum: Lump sum is a large amount of money paid on a single occasion instead of paying small amount time to time. The amount has been paid for the value of an asset or for other purposes such as on a retirement.
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Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
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- A 20% compounded quarterly has an equivalent rate of 10.25%, how many times does it pay every year?Group of answer choices 3 4 2 1 How long in years will a certain sum of money to doubles its amount when deposited at a rate of 7% compounded bi-monthly?Group of answer choices 8.96 yrs 10.96yrs 9.96 yrs 11.96yrsarrow_forwardP.nil Two payments of $8,000 and $2,400 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 9 months and in 4 years if money is worth 4.5% compounded quarterly.$0.00Round to the nearest centarrow_forward9. A 6% compounded monthly has an equivalent rate of 1.2042%, how many times does it pay every year?Group of answer choices 5 2 3 4 11. How long in years will a certain sum of money to doubles its amount when deposited at a rate of 1% compounded bi-monthly?Group of answer choices 69.37 yrs 68.37 yrs 70.37 yrs 71.37 yrsarrow_forward
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