Homework Answers
1) t = ln(FV / PV) / ln(1 + r)
t = ln($3,000 / $1,000) / ln 1.08
t = 14.27 years
2) FV = PV(1 + r)^t
FV = $10,000(1 + 0.058)^5
FV = $13,256.48
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