Asked by Danielle Augustus on May 20, 2024
Verified
How many days will it take $2,500 to grow to $2,614.47 at an annual rate of 8.75%?
Annual Rate
The interest rate for a whole year, as opposed to just a monthly or daily rate.
Days
A unit of time equivalent to 24 hours, often used to measure durations or intervals.
Grow
To grow or expand in size, volume, or intensity as time progresses.
- Implement the principle of the time value of money in scenarios that include several payments or investments throughout a period.
Verified Answer
TD
Learning Objectives
- Implement the principle of the time value of money in scenarios that include several payments or investments throughout a period.