Here we will use the following formula:
FV = PV * (1 + r%)n
where, FV = Future value = $6.2m, PV = Present value = $2m, r = rate of interest = 7%, n= time period
now, putting theses values in the above equation, we get,
$6.2 = $2 * (1 + 7%)n
$6.2 = $2 * (1 + 0.07)n
$6.2 / $2 = (1.07)n
$3.1 = (1.07)n
($1.07)16.72 = 1.07
n = 16.72 years
So, it will take 16.72 years.
This will mean that it will take:
Years = 16
and
Months = 0.72 *12 = 8.6 months.
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