I did say the answer is $35. Because, you should use the highest factor or whatever operation the problem is using, to find the answer. Not sure if it's some two-step problem....
48.00 is the answer your looking for
Answer:
f=60 , c=30
Step-by-step explanation:
there are 2f and 2c in the graph and f=2c
So
f+f+c+c=180
2c+2c+c+c=180
6c=180
c=180/6
c=30
f=2c
f=2×30
f=60
Present value, PV = $500
Future value, FV = 2*PV = 2*500 = $1,000
Rate, r = 4% = 0.04
Compounding times in a year, n = 4 (compounded quarterly)
Time, t = ??
The future value expression is stated as:
FV = PV (1+r/n)^nt
Substituting;
1000 = 500 (1+0.04/4)^4t
2 = (1.01)^4t
ln 2 = 4t ln 1.01
0.6931 = 4t* 0.00995
0.6931 = 0.0398t
t = 17.414 years
Time required for the amount to double is 17.41 years.
