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Chapter 5 Assignment Seved Help Save & Exit Submit Solve for the unknown number of years in each of the following (Do not rou
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Answer #1

Future value= present value (1+r)^n
r =interest rate
n = number of periods

a.
1393= 600(1+0.08)^n
n= number of years = 10.94 years


b.
2330= 850(1+0.12)^n
n= number of years = 8.90 years


c.
367,247= 18,800(1+0.18)^n
n= number of years = 17.96 years

d.
382,983= 21,900(1+0.14)^n
n= number of years = 21.84 years

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