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dlinn [17]
3 years ago
5

How long will it take for a $4000 investment to grow to $6000 at an annual rate of 15%, compounded monthly? Assume that no withd

rawals are made. Do not round any intermediate computations, and round your answer to the nearest hundredth.
Business
1 answer:
Inessa05 [86]3 years ago
6 0

Answer:

It will take 2.72 years and 32.64 months.

Explanation:

Future value is the sum of principal amount and compounded interest amount invested on a specific rate for a specific period of time.

Use following formula to calculate the time period.

FV = PV x ( 1+ r )^n

FV = Future value = $6,000

PV = Present Value =  $4,000

r = rate of interest = 15% yearly = 15% / 12 = 1.25%

n = time period = ?

$6,000 = $4,000 x ( 1 + 1.25% )^n

$6,000 = $4,000 x ( 1.0125 )^n

$6,000 / $4,000 = ( 1.0125 )^n

1.5 = ( 1.0125 )^n

Log 1.5 = n log 1.0125

n = Log 1.5 / log 1.0125

n = 32.64 months

n = 2.72 years

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Only under the above instances one can have more output than the previous level without increasing the input.

Hence from the above we can conclude that the correct option is B.

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3 years ago
The Good Earth Company created a special baby shampoo designed for children 5 years old or younger. The company provided an exce
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2 years ago
Scenario C: Panhandle Prime Energy Partners is an organization that has undergone a dramatic transformation over the last few ye
goldfiish [28.3K]

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Congratulations! You just graduated with a degree in management. As you reflect on your school experience, you make a list of th
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