How many years will the following take? $282 to grow to $43,385 if invested at 12.44...

Question

Question

How many years will the following take?
$282 to grow to $43,385 if invested at 12.44 percent, compounded annually.

Answer 1

Answer #1

Future value = $43,385

Present value = $282

Interest rate = 12.44%

Future value = Present value * (1+interest rate)t

$ 43,385 = $ 282 * (1+0.1244)t

1.1244t = $43385 / $282

1.1244t = 153.847518

t = 42.948

Years to be invested is 43 years approximately

Answer 2

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