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A recent advertisement in the financial section of a magazine carried the following claim: ...

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A recent advertisement in the financial section of a magazine carried the following claim: ...

A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent, compounded annually, and we guarantee to double your money sooner than you imagine." Ignoring taxes, how long would it take to double your money at a nominal rate of 14 percent, compounded annually?
A) 3.66 years
B) 5.29 years
C) 7.00 years
D) 10.24 years
E) 14.00 years

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Corporate Finance Online

Edition: 1^st

Authors: Eakins, McNally

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