Solution :- (1)
The Present Value of deposit = $12,000
Future Value = $24,000
Rate of return = 3% for 6 months
Therefore according to equation
$12,000*(1+0.03)n = $24,000
(1.03)n = 2
Now with the help of log we find the value of n
n = 23.446
As n is half yearly
n = 23 = 11 years 6 months
And 0.446 = 6*0.446 = 2.67 = 2 months 20 days
Therefore it Means
n = 11 years 8 months 20 days (approx)
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