Lance Lopez went to his bank to find out how long it take for $2100 to...
Homework Answers
So, we have to you the time value of money fomula
FV = PV*(1+r)^n where FV = 2225, PV = 2100, r = 0.05 and n = ? where we have to calculate n
2225 = 2100*(1+0.05)^n
2225 =2100*1.05^n
2225/2100 = 1.05^n
1.05952381 = 1.05^n
Taking log both sides
log 1.05952381 = n* long 1.05
n = log 1.05952381/ log 1.05
n = 1.185 years
So, it takes 1.185 years for $2,100 to grow to $2,225
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Determine how long it will take to accumulate at least $20,000
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