Homework Answers
Future value = Present value ( 1 + r)n
14,000 = 7,000 (1 + 0.1)n
2 = (1 + 0.1)n
LN 2 = n LN 1.1
0.693147 = n 0.09531
n = 7.3
It will take 7.3 years.
Keys to use in a financial calculator:
PV -7000
FV 14000
I/Y 10
CPT N
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