- +1-530-264-8006
- info@tutorsglobe.com

Time taken to double your money

Task: At each question the solution cell must contain the Excel formula (Function) that produced the answer. - Replace the existing numerical contents.- Also add a brief explanation of how the answer was derived and the significance of the question in understanding the Time Value of Money.

Problem 1. Alan had saved up $500,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually.

Problem 2. You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money?

Now Priced at $20 (50% Discount)

Recommended **(96%)**

18,76,764

Questions

Asked

21,311

Experts

9,67,568

Questions

Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment
## Q : Nominal annual interest rate compounded monthly

Amount of money should you pay each month to retire a $12000 debt in five years if interest rate on money is 10% nominal annual interest rate compounded monthly