Question 960998


As it is not compounded in a year, the general formula will be FV = PV * (1 + r)^t

FV will be the future value where PV is the present value. r is the  the rate (per year) and t shows the years.

7.20 = 4.75 * (1 + 0.02)^t

(1.02)^t = 7.2/4.75

ln (1.02)^t = ln (7.2/4.75)

t = ln (7.2/4.75) / ln (1.02)
 
t ≈  21.004

=> after 21 years 

Check this page please 
http://www.calculatorsoup.com/calculators/financial/future-value-investment-calculator.php

If we enter the values P = 4.75, R = 2 and t = 21, the result will be 21 years. (m is 1 as the rate isn't compounded)