Finance

posted by .

You are currently investing your money in a bank account which has a nominal annual rate of 8 percent, compounded annually. If you invest $2,000 today, how many years will it take for your account to grow to $10,000?

  • Finance -

    20000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him: 6.2% simple interest 6.1% compounded annually 5.58% compounded …
  2. Finance

    7. Today you open a bank account and make a deposit of $6,000. Then you make the following deposits: in t=1 you deposit $6,500, in t=2 $45,000, in t=3 nothing, in t=4 nothing, in t=5 $7,000, in t=6 $8,700. You made your last deposit …
  3. Finance

    21. Ogden wants to save for a trip to Australia. She will need $12,000 at the end of four years. She can invest a certain amount at the beginning of each of the next four years in a bank account that will pay her 6.8 percent annually. …
  4. value of money

    You want to have $1,000,000 in your bank account when you turn 65 years old. Today is your 20th birthday. As a birthday present you received $27,000 and you want to invest this amount. At what annual interest rate must you achieve …
  5. algebra 2

    You invest $100,000 in an account with an annual interest rate of 4.5%, compounded semiannually. How much money is in the account after 10 years?
  6. Finance

    You receive $12,000 and looking for a bank to deposit the funds. Bank A offers an account with an annual interest rate of 3% compounded semiannually. Bank B offers an account with 2.75% annual interest rate compounded continuously. …
  7. Finance

    You receive $12,000 and looking for a bank to deposit the funds. Bank A offers an account with an annual interest rate of 3% compounded semiannually. Bank B offers an account with 2.75% annual interest rate compounded continuously. …
  8. finance

    You currently have $22,500 in your retirement account. What annual rate of return will you need to make on your investment in order to have $1,000,000 in the account on your 60th birthday?
  9. Math

    A savings account at Xyz bank offers 4% interest, compounded annually. How much money must I invest today in order for the account to grow to $5,000 in ten years?
  10. Math

    Minta deposits 1000 euros in a bank account the bank pays a nominal annual intrest rate of 5% compounded quartterly find the time in years until minta withdraws the money from her bank account

More Similar Questions