Problem 5.20 – Receive Money at Graduation, How Long to Wait
Fundamentals of Corporate Finance
Ross, Westerfield, and Jordan
13th Edition
Calculate the time it will take for an investment received for graduation to grow from an initial amount to a target amount, given a fixed interest rate. How many years will it take to grow an investment from $39,000 to $174,000 at a 10% annual rate of return? How long will you wait? Your numbers will vary.
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Your numbers will vary.