Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period
514286=50,000*(1.06)^n
(514286/50,000)=(1.06)^n
Taking log on both sides;
log10.28572 =n*log 1.06
n=log 10.28572/log 1.06
=40 years
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