christianabukunmi christianabukunmi

10-04-2020
Mathematics

contestada

What monthly compounding nominal interest rate is earned on an investment that doubles in 10 years?

Respuesta :

173darkknight 173darkknight

10-04-2020

Answer:

Roughly 6.95%

Step-by-step explanation:

Start with $1000

$1000 with an interest rate of 6.95% compounded monthly over 10 years = $1999.70

(APY= 7.175%)

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