Homework Answers
| We have FV = PV*(1+r)^n | |
| Substituting values | |
| 14800 = 10664*1.19^n | |
| Solving for n | |
| 14800/10664 = 1.19^n | |
| 1.38785 = 1.19^n | |
| Taking log of both sides | |
| log1.38785 = n*log1.19 | |
| n = log1.38785/log1.19) = 0.14234/0.07551 = | 1.89 |
| Answer: 1.89 years | |
| CHECK: | |
| = 10664*1.19^1.89 = 14815 | |
| Difference is due to approximation of n to 1.89 | |
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