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yawa3891 [41]
3 years ago
8

Chuck has $2,500 invested in a bank that pays 4% annually. The length of time it will take for his funds to double is closest to

:
Business
1 answer:
Arada [10]3 years ago
7 0

Answer:

The answer is 17.67 years.

Explanation:

Present value is $2,500

Future value of the money to be double of the present value. This means the future value will be $5,000($2,500 x 2)

Interest rate is 4%

Number of years or periods to reach this $5,000 is unknown. So we are looking for this.

To compute this number of periods, lets use Financial calculator.

I/Y = 4; PV= -2,500; FV= 5,000; CPT N= 17.67 years.

Therefore, the number of years to accumulate to $5,000 is 17.67 years

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