Question 165775
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Working eqn -----> {{{F=P(1+(i/m))^(mn)}}}
where ---{{{system(F=face_value,P=principal,i=interest,m=many_times_compunded_per_year,n=number_of_years)}}}
Continuing,
{{{8000=2400(1+(0.055/12))^(12*n)}}}
{{{8000=2400(1.0045833)^(12n)}}}
{{{8000/2400=(cross(2400)(1.0045833)^(12n))/cross(2400)}}}
{{{log(8000/2400)=12nlog(1.0045833)}}}
{{{0.5228787=12n(1.985954x10^(-3))}}}
{{{0.5228787=0.0238314(n)}}}
{{{0.5228787/0.0238314=cross(0.0238314)(n)/cross(0.0238314)}}}
{{{highlight(n=21.9407years)}}} ----> ANSWER (b), close enough I guess
Thank you,
Jojo</pre>