How long does it take an investment of $7,024.40 take to turn into $8,364.50 if the...
How long does it take an investment of $7,024.40 take to turn into $8,364.50 if the appropriate interest rate is 1.6%? You may round your answer to the nearest whole number
Homework Answers
FV = PV(1+r)^n
8364.5 = 7024.40 (1+0.016)^n
1.016^n = 8364.50 / 7024.40
= 1.1908
Take Log on Both sides
Log [ 1.016^n ] Log [ 1.1908 ]
Log [ a^b ] = b * log [ a ]
n * Log [ 1.016 ] = Log [ 1.1908 ]
n * 0.0069 = 0.0758
n = 0.0758 / 0.0069
= 11
period Required is 11
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