2) Metropolis currently has $1,150,000 in cash. How long would it take them to accumulate $2,000,000 in cash? Assume an interest rate of 5 percent.
The Time Value of Money, usually abbreviated as TVM is a concept based on the premise that an investor prefers to receive payment of a fixed sum of money today, instead of receiving the same amount at a future date but remains the same if you touch it or use ...