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What if the tvm compounding is on a monthly basis

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Reference no: EM131596979

Using TVM on the financial calculator and the Rule of 72s, how long will it take a $10,000 investment to double if the interest rate is 6.0%? Assume annual TVM compounding.

Using the calculator: 11.9 Years (is this correct?)

Using Rule of 72s:  Divide interest rate into 72 72/6=

What if the TVM compounding is on a monthly basis? Would your answer be the same? Explain by showing calculations below

Reference no: EM131596979

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