Question 735830: How many years will it take to grow
a. $765 to a value of 2,028 at a compound rate of 14 percent
b. $321 to a value of 450.22 at a compound rate of 12 percent
c. $881 to a value of 1,305.78 at a compound rate of 7 percent
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! How many years will it take to grow
a. $765 to a value of 2,028 at a compound rate of 14 percent
I'll do the first:
A(t) = p(1+(r/n))^(nt)
2,028 = 765(1+(0.14/1))^(1*t)
2.651 = 1.14^t
t*log(1.14) = log(2.651)
t = 7.44 years
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Cheers,
Stan H.
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b. $321 to a value of 450.22 at a compound rate of 12 percent
c. $881 to a value of 1,305.78 at a compound rate of 7 percent
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