Homework Answers
Answer - 6.37 years
Reason =
Formula = Future value = present value ( 1 + rate ) ^ n
= 1000 = 650 ( 1 + 0.07 ) ^ n
= 1000 / 650 = (1.07) ^ n
= 1.5384615384 = 1.07 ^n
Now putting log values on both sides we get ,
Log 1.5384615384 / log 1.07 = n
= 0.187086643 / 0.0293837777 = n
= n = 6.3670044372 years or 6.37 years
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