menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Personal Finance Study Set 9
  4. Exam
    Exam 3: Applying Time Value Concepts
  5. Question
    How Many Years Will It Take for $500 to Grow
Solved

How Many Years Will It Take for $500 to Grow

Question 25

Question 25

Multiple Choice

How many years will it take for $500 to grow to $1,039.50 if invested at 5 percent compounded annually?


A) 15
B) 14
C) 13
D) 12

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q4: Present and future values concepts are not

Q13: Which of the following decisions would involve

Q20: An annuity due differs from an ordinary

Q21: The future value of your savings and

Q22: Carol would like to have $500,000 saved

Q24: An annuity is a stream of equal

Q27: If Jim wants $25,000 in five years

Q30: The Present Value Interest Factor (PVIF)becomes lower

Q33: Time value of money is only applied

Q109: It is always better to choose a

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines