The Number of Annual Compounding Periods Needed for an Investment to Reach a Specific Value
You are interested in determining how long it will take an investment of
€10,000,000 to double in value. The current interest rate is 7 percent compounded
annually. How many years will it take €10,000,000 to double to €20,000,000?
So I basicly do:
PV = 10.000.000 // FV = 20.000.000 CHS // r = 7 // and ask my HP12C for N than I get 11
But the answer in the book is 10,24, what is happening? The result looks right to me, how its not 11 in the book?
ps: is the question example 19 in TVM, page 343, can somebody help, please?
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