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NeX [460]
2 years ago
14

If you can invest $200,000 at a 10.5% annual rate, compounded monthly, how long will it take to have $500,000? (Do not your inte

rmediate calculations. Round your final answer to the nearest whole month.)
Business
1 answer:
Naddika [18.5K]2 years ago
4 0

Answer:

Explanation:

Use Future value formula for the calculation of number of years

Future Value = Present value ( 1 + interest rate )^number of years

FV = PV ( 1 + r )^n

$500,000 = $200,000 ( 1 + 10.5% )^n

$500,000 / $200,000 = ( 1 + 0.105 )^n

2.5 = ( 1.105 )^n

log 2.5 = n log 1.105

n = log 2.5 / log 1.105

n = 9.1771

n = 9 years 2 months

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1 year ago
Last month, Laredo Company sold 650 units for $125 each. During the month, fixed costs were $8,850 and variable costs were $75 p
Y_Kistochka [10]

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1. $50 and 40%

2. 177 units and $22,125

3. 473 units and 72.77%

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