Time to accumulate a given sum personal finance problem manuel rios wishes to determine how long it will take an initial deposit of $12 comma 00012,000 to double.
a. if manuel earns 1313 % annual interest on the deposit, how long will it take for him to double his money?
b. how long will it take if he earns only 1010 % annual interest?
c. how long will it take if he can earn 1515 % annual interest?
d. reviewing your findings in parts a , b , and c , indicate what relationship exists between the interest rate and the amount of time it will take manuel to double his money.
a. if manuel earns 1313 % annual interest, the amount of time to double his money is nothing years. (round to two decimal places.)
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