Answer:
Number of year = 13 year and 6 month approx.
Step-by-step explanation:
Given:
Amount invested = $80,000
Rate of interest = 6% compounded continuously
Future value of investment = $175,600
Find:
Number of year
Computation:
Future value of investment = Amount invested[1 + Rate of interest]ⁿ
175,600 = 80,000[1+6%]ⁿ
175,600 = 80,000[1+0.06]ⁿ
175,600 = 80,000[1.06]ⁿ
Number of year = 13.492 year
Number of year = 13 year and 6 month approx.
