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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10149
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How would it take investment to double in value at an

Customer Question

How long would it take for an investment to double in value at an interest rate of 1/60 per month
Submitted: 9 months ago.
Category: Finance
Customer: replied 9 months ago.
Deniel and Adam put $5000 in the bank in 2003. They have been getting 2% interest compounded annually. what will the value be in 2016
Expert:  Lane replied 9 months ago.

346 years or 4,160 months

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  • PV is -10
  • FV is 20
  • i/mo is .0167 (or 1/60)
  • pmt is 0

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Solving for n ... n equals 4,160

Expert:  Lane replied 9 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Let me know…

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Thanks

Lane

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