Mathematics, 16.04.2020 00:21 debramknoxx
A person invest $10,000 in a bank. The bank pays 7% interest compounded annually. To the nearest 10th of a year how long must a person leave the money in the bank until it reaches $18,900
Answers: 2
, where "PV" is the present value, in this case, PV=$10,000.We know that the future value we want to get is FV=$18,900, that the interest rate i=0.07 and that PV=$10,000. We should find the amount of time that takes to reach the $18,900: we should clear "n" in the formula.Let's do some algebra: 
Applying logarithms we get⇒
.Then, 
Applying this last result we get n=9.4 years, which means 9 years and almost 5 months.Another question on Mathematics
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A person invest $10,000 in a bank. The bank pays 7% interest compounded annually. To the nearest 10t...
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