Question

your final balance on an investment of 270$ invested at 10% was $459.00, For what period of time did you invest?

Answer 1

Answer:

n= 5.57 years

Step-by-step explanation:

Giving the following information:

your final balance on an investment of 270$ invested at 10% was $459.00

To calculate the time passed between values, we need to use the following formula:

n= ln(FV/PV) / ln(1+i)

FV= 459

PV= 270

i= 0.1

n= ln(459/270) / ln (1.1)

n= 5.57 years