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Sveta_85 [38]
3 years ago
10

An investment of $8500 increases in value by 4.5% every year. How long until the investment

Mathematics
1 answer:
Zanzabum3 years ago
4 0

Answer:

At an interest rate of 4.5% compounded annually, it will take 16.17 years to reach $17,323.-

Step-by-step explanation:

Giving the following information:

Present Value (PV)= $8,500

Future value (FV)= $17,323

Interest rate (i)= 4.5%

<u>To calculate the time required for the investment to reach the objective, we need to use the following formula:</u>

n= ln(FV/PV) / ln(1+i)  

n= ln(17,323/8,500) / ln(1.045)

n= 16.17 years

At an interest rate of 4.5% compounded annually, it will take 16.17 years to reach $17,323.-

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