Answer to Question #3305 in Statistics and Probability for atakan oluwafemi
FV = PV(1 + i)n , where i is the compound interest, n is number of periods.
(1 + i)n = FV/PV
n = log(1+ i)(FV/PV) = (ln FV - ln PV)/ln (1 + i)
In our case
n = (ln 288,000 - ln 240,000)/ ln (1 + 0.08) = 2.37
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!