Finance

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?

  1. 👍 0
  2. 👎 0
  3. 👁 114
  1. 20000

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. 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

    asked by Roygbiv on April 29, 2016
  2. math

    I have been staring at this problem forever, and cant seem to dig it up in my book. Please help! Two competing bank are trying to attract customers. (a) Ally Bank has an account which earns 25% interest every 10 years. Assuming

    asked by fawn on January 8, 2013
  3. Math

    If you deposit P dollars into a bank account paying an annual interest rate r, with n interest payments each year, the amount A you would have after t years is A=P(1+r/n)^nt. Kevin places $100 in a savings account earning 6%

    asked by Amber on April 1, 2013
  4. finance

    Assume you just deposited ksh 100,000 into a bank account. The current real interest rate is 2%, and inflation is expected to be 6% over the next year. What nominal rate would you require from the bank over the next year? How much

    asked by gho on April 15, 2015
  5. Math1

    Find a bank account balance if the account starts with $100 , has an annual rate of 4% , and the money left in the account for 12Yrs. This is a Exponential growth word problem.

    asked by Jordan on March 22, 2017
  6. Math1

    Find a bank account balance if the account starts with $100 , has an annual rate of 4% , and the money left in the account for 12Yrs. This is a Exponential growth word problem.

    asked by Rocky on March 22, 2017
  7. Math

    A bank account balance for an account with an initial deposit of P dollars earns interest at an annual rate of r. the amount of money in the account after n years is described using the following expression: P(1+r)^n. What effect,

    asked by Tahir on August 29, 2018
  8. math

    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

    asked by Vanessa on December 16, 2011
  9. 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

    asked by Vanessa on December 17, 2011
  10. math

    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

    asked by Vanessa on December 16, 2011

More Similar Questions