Chapter 17: Problem 16
The amount of an investment will double in approximately \(70 / p\) years, where \(p\) is the percent interest, compounded annually. If Thelma invests \(\$ 40,000\) in a long-term \(\mathrm{CD}\) that pays 5 percent interest, compounded annually, what will be the approximate total value of the investment when Thelma is ready to retire 42 years later? A \(\$ 280,000\) B \(\$ 320,000\) C \(\$ 360,000\) D \(\$ 450,000\) E \(\$ 540,000\)
Short Answer
Step by step solution
Key Concepts
These are the key concepts you need to understand to accurately answer the question.