How many years will it take for $14,000 to grow to $31,000 if you can earn an average rate of 7.8% per year?
NOTE: Please enter the answer rounded to the nearest one digit after the decimal al point.
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period
31000=14000*(1.078)^n
(31000/14000)=(1.078)^n
Taking log on both sides;
log (31000/14000)=n*log 1.078
n=log (31000/14000)/log 1.078
=10.6 years(Approx)
How many years will it take for $14,000 to grow to $31,000 if you can earn...
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