# (Solved Homework): Please solve and draw cash flow diagram…

Please solve and draw cash flow diagram

3.1 If you open a savings account that earns 7.5% simple interest per year, what is the minimum num- ber of years you must wait to double your balance? Suppose you open another account that earns 7% interest compounded yearly. How many years will it take now to double your balance?

 7.5% Simple Interest 7% Compound Interest Assume we start with \$1 Year Opening Balance Interest @ 7.5 % Closing Balance Opening Balance Interest @ 7 % Closing Balance 1 100.00 7.50 107.50 100.00 7.00 107.00 2 107.50 7.50 115.00 107.00 7.49 114.49 3 115.00 7.50 122.50 114.49 8.01 122.50 4 122.50 7.50 130.00 122.50 8.58 131.08 5 130.00 7.50 137.50 131.08 9.18 140.26 6 137.50 7.50 145.00 140.26 9.82 150.07 7 145.00 7.50 152.50 150.07 10.51 160.58 8 152.50 7.50 160.00 160.58 11.24 171.82 9 160.00 7.50 167.50 171.82 12.03 183.85 10 167.50 7.50 175.00 183.85 12.87 196.72 11 175.00 7.50 182.50 196.72 13.77 210.49 12 182.50 7.50 190.00 13 190.00 7.50 197.50 14 197.50 7.50 205.00 Minimum Number of years needed to double balance = 14 Years Minimum Number of years needed to double balance = 11 Years

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