Homework Answers
Future Value = Present Value(1+r)t
Let the no of years be t
161,000 = $ 26000(1+0.0925)t
(1+0.0925)t = 161,000/26,000
(1.0925)t = 6.19
Taking log both sides
log (1.0925)t = log 6.19
t * log 1.0925 = log 6.19
taking value of log
t * 0.03842 = 0.791691
t = 0.79169/ 0.03842
t = 20.61 years
It will take 20.61 years + 2 year = 22.61 year from now
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