Problem 5.20 – Receive Money at Graduation, How Long to Wait

Fundamentals of Corporate Finance

Ross, Westerfield, and Jordan

13th Edition

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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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