Homework Answers
n = [log(FV/PV)] / [log(1 + r)]
= [log(6/1)] / [log{1 + (0.12/2)]
= [log(6)] / [log(1.06)]
= 1.7918 / 0.0583 = 30.75
So, No. of Year = Total no. of periods / Periods in a year = 30.75 / 2 = 15.37 years
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