Answer:
18
Step-by-step explanation:
PY =
YV
YV = 12
VY = 18
Answer:
See Below
Step-by-step explanation:
The question is asking:
After how many years, 20,000 will become 500,000 at an annual interest of 11.5%?
So, we need compound growth formula shown below to solve this:
![F=P(1+r)^t](https://tex.z-dn.net/?f=F%3DP%281%2Br%29%5Et)
F is future value
P is present amount
r is rate of interest
t is the time of year
Given,
F = 500,000
P = 20,000
r = 11.5% = 11.5/100 = 0.115
t is what we want to find
![F=P(1+r)^t\\500,000=20,000(1+0.115)^t\\25=1.115^t](https://tex.z-dn.net/?f=F%3DP%281%2Br%29%5Et%5C%5C500%2C000%3D20%2C000%281%2B0.115%29%5Et%5C%5C25%3D1.115%5Et)
Now, we take natural log of both sides and solve for t:
![Ln(25)=t*Ln(1.115)\\t=\frac{Ln(25)}{Ln(1.115)}\\t=29.57](https://tex.z-dn.net/?f=Ln%2825%29%3Dt%2ALn%281.115%29%5C%5Ct%3D%5Cfrac%7BLn%2825%29%7D%7BLn%281.115%29%7D%5C%5Ct%3D29.57)
Its is going to take about 29.57 years, rounding, 30 years
9y^3-y^2 is a required answer