Answer: 35 years
Explanation:
Where,
A - the ending amount,
P - the beginning amount (or "principal")
r - the interest rate (expressed as a decimal)
n - the number of compounding a year
t - the total number of years
n=1, t=?, P = $50,000, r=0.09, A= $1,000,000
Therefore,
Taking log on both sides
log(20) = t log(1.09)
1.30103 = 0.0374264979 t
t = 34.7622
So answer is 35 years.
<span>This is often referred to as context-sensitive help. It is help that refers to a single situation and state, and depends on the situation, or 'context', of the circumstances. This is because fields are specialized, and general knowledge is usually not applicable to specific sets of circumstances.</span>
Answer:
$264202
Explanation:
We use the present value formula to calculate the money to be invested now in order to get 334300
PV = FV *1/(1+R)^n
334300*1/(1.04)^6
=$264202
