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CENGAGE MINDTAP

Ch 05-End-of-Chapter Problems - Time Value of Money

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3. Problem 5.13 (Time for a Lump Sum to Double)

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How long will it take $200 to double if it earns the following rates? Compounding occurs once a year. Round your answers to two decimal places.

a. 6%.

b. 10%.

c. 16%.

d. 100%.

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