How many years would it take for a debt of $10,915 to grow into $13,401 if the annual interest rate is 3.9% with daily compounding?
Ans 5.26 years
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
FV/ PV = | (1 + r )^n |
13401 / 10915 = | (1 + 3.9%/365)^n |
1.22775996335318 = | 1.00010684931507^n |
n = | 1920 periods |
or | |
n = | 5.26 years |
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