Asked by Mark
You have $3000 in an account that yields a nominal return of 6%. If the inflation rate is 3%, how long will you have to leave your money in the account for it to double in real terms?
Answers
Answered by
Steve
the effective rate is 3%, so you need t such that
1.03^t = 2
t = log2/log1.03 = ?
1.03^t = 2
t = log2/log1.03 = ?
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