Monday
October 20, 2014

Homework Help: math- check my answer

Posted by Melly on Wednesday, May 4, 2011 at 7:26pm.

An internet investment company advertises that if you invest your money with them at 14%, compounded annually, they guarantee yo double your money sooner than you can imagine. Ignoring taxes, how long would it take to double your money at a simple rate of 14% compounded annually?

a. approx 3.5 yrs
b. approx 5 yrs
c. exactly 7 yrs
d. approx 10 yrs
e. Exactly 14 yrs

I chose b. approx 5 yrs pretending that my initial investment was $5k: 5,000+700 (1), 5700+798 (2), 6498+909.72 (3), 7407.72+1037.0808 (4), 8444.8008+1182.27 (5)
9627.07+1347.79= $10,974.863

Am I correct?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math - You invest money that pays 6.3% interest/year compounded quarterly. How ...
math - earn interest - invest money that pays 6.3% interest/year compounded ...
math - Jim wants to deposit money in an account to save for a new stereo system ...
MAAAATTTTHHHHHH - Franco invests some money at 6.9%/a compounded annually and ...
math - Jim wants to deposit money in an account to save for a new stereo system ...
math - Sally invests some money at 65%/a compounded annually. After 5 years . ...
math - Sally invests some money at 65/a compounded annually. After 5 years . she...
Math - Jason Printing has $85,000 to invest. They can invest in Wilder Revenue ...
math - Sally invests some money at 6%/a compounded annually. After 5 years, she ...
Math - Tom and Lana both need $15,000 in 3 years. Tom finds an investment in ...

Search
Members