We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
1016.92=490*(1.08)^n
(1016.92/490)=(1.08)^n
Taking log on both sides;
log (1016.92/490)=n*log 1.08
n=log (1016.92/490)/log 1.08
=9.5 years(Approx)
(Related to Checkpoint 5.5) (Solving for n) How many years will it take for $490 to...
Compound value solving for n) How many years will the following take? a. $490 to grow to $1.270.93 if invested at 10 percent compounded annually b. $36 to grow to $71.73 if invested at 9 percent compounded annually c. $110 to grow to $476.80 if invested at 13 percent compounded annually d. $58 to grow to $77.73 if invested at 5 percent compounded annually a. How many years will t take for $490 to grow to $1,270.93 f invested at...
How many years will it take for $490 to grow to $1,026.32 if it's invested at 6 percent compounded annually? The number of years it will take for $490 to grow to $1,026.32 at 6 percent compounded annually is (Round to one decimal place.)
(Compound value solving for n) How many years will the following take? a. $520 to grow to $1,129.38 if invested at 9 percent compounded annually b. $38 to grow to $65.29 if invested at 7 percent compounded annually c. $120 to grow to $520.14 if invested at 13 percent compounded annually d. $55 to grow to $69.44 if invested at 6 percent compounded annually a. How many years will it take for $520 to grow to $1,129.38 if invested at...
(Compound value solving for n) How many years will the following take? a. $520 to grow to $1,348.75 if invested at 10 percent compounded annually b. $33 to grow to $56.70 if invested at 7 percent compounded annually c. $95 to grow to $465.31 if invested at 13 percent compounded annually d. $57 to grow to $69.28 if invested at 5 percent compounded annually a. How many years will it take for $520 to grow to $1,348.75 if invested at...
How many years will it take for $480 to grow to $1,020.16 if it's invested at 7 percent compounded annually? The number of years it will take for $480 to grow to $1,020.16 at 7 percent compounded annually is____ years. (Round to one decimal place.)
(Solving for n with nonannual periods) About how many years would it take for your investment to grow fivefold if it were invested at an APR of 12 percent compounded annually? If you invest $1 at an APR of 12 percent compounded annualy, about how many years would it take for your investment to grow fivefold to $5? years (Round to the nearest whole number.)
(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sevenfold if it were invested at 12 percent compounded quarterly? Assume that you invest $1 today. If you invest $1 at 12 percent compounded quarterly, about how many years would it take for your investment to grow sevenfold to $7? (Hint: Remember to convert your calculator solution to years.) _ years (Round to one decimal place.)
(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sixfold if it were invested at 13 percent compounded weekly? Assume that you invest $1 today. If you invest $1 at 13 percent compounded weekly, about how many years would it take for your investment to grow sixfold to $6? (Hint: Remember to convert your calculator solution to years.)
(Related to Checkpoint 5.2) (Future value) To what amount will $5,100 invested for 8 years at 10 percent compounded annually accumulate? $5,100 invested for 8 years at 10 percent compounded annually will accumulate to $ (Round to the nearest cant)
(Related to Checkpoint 5.2) (Future value) To what amount will $5,000 invested for 8 years at 9 percent compounded annually accumulate? $5,000 invested for 8 years at 9 percent compounded annually will accumulate to $. (Round to the nearest cent.)