You want to invest an amount of money today and receive back twice that amount in...
You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 9 percent interest. Approximately how long must you wait for your investment to double in value?
Please provide an Office Excel formula in your answer
Homework Answers
Ans 8.04 years
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| Let amount of Investment be $ 100 | |
| FV / PV = | (1 + r )^n |
| 200 / 100 = | (1 + 9%)^n |
| 2 = | 1.09^n |
| n = | 8.04 years |
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