How long will alden have to wait before funds are double

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Reference no: EM131997724

Alden is a 5th grader who has determined that he wanted to double the $1,000 received from winning first place in a project contest before he spent the funds. Alden asks his dad, a financial advisor, to put the money into an account to grow quickly so that he could buy a new gizmo. Alden’s dad follows through and expects an annual return of 10% on the prize funds. How long will Alden have to wait before the funds are double?

Reference no: EM131997724

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