G : How long will it take for a $4000 investment to grow to $6000 at an annual rate of 15%, compounded monthly? Assume that no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest hundredth.

2.72

Explanation:

A= P(1+r/n)^nt

P: Principal amount

r: interest rate

n: number of times interest is applied per time period

t: time period

6000=4000(1+ 0.15/12)^12t

1.5=(1.0125)^12t

applying log on both sides

log1.5= log 1.0125^12t

log 1.5= 12t log 1.0125

12t= 0.03063

12t= 32.64

t= 2.72 years

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.