We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
a.
1,000,000=27760.03*(1.18)^n
(1,000,000/27760.03)=(1.18)^n
Taking log on both sides;
log (1,000,000/27760.03)=n*log 1.18
n=log (1,000,000/27760.03)/log 1.18
=21.65 years(Approx).
b.
1,000,000=52061.13*(1.13)^n
(1,000,000/52061.13)=(1.13)^n
Taking log on both sides;
log (1,000,000/52061.13)=n*log 1.13
n=log (1,000,000/52061.13)/log 1.13
=24.18 years(Approx).
c.
1,000,000=149674.02*(1.12)^n
(1,000,000/149674.02)=(1.12)^n
Taking log on both sides;
log (1,000,000/149674.02)=n*log 1.12
n=log (1,000,000/149674.02)/log 1.12
=16.76 years(Approx).
d.
1,000,000=345644.06*(1.05)^n
(1,000,000/345644.06)=(1.05)^n
Taking log on both sides;
log (1,000,000/345644.06)=n*log 1.05
n=log (1,000,000/345644.06)/log 1.05
=21.77 years(Approx).
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