You just took over another financial adviser's account. The client invested $15,500 at 6.92% compounded monthly and now has $24,980.58. How long has this client had the money invested?
Future Value = Present Value(1+r)t
Let the no of period be x
24980.58 = $ 15500(1+0.0692)x
(1+0.0692)x = 24980.58 /15500
(1+0.0692)x = 1.61165
Takinbg log both sides
log (1+0.0692)x = log 1.61165
x log 1.0692 = log 1.61165
taking value of log
x * 0.0291 = 0.2073
x = 0.2072/ 0.0291
x = 7.12 Months
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