Brock recently graduated from college and began his job as a media analyst earning $50,000 per year. He wants to start saving fo
1 answer:
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Answer:
It will take 30.10 year
Explanation:
We have given initial investment $500000
Future value = $ 1 million = $1000000
Rate of interest r = 1.79 %
We have to find the time taken to reach the amount $1000000
We know that future value is equal to
Taking log both side
n×0.0077 = 0.3010
n = 39.09 year
Now in second case rate of interest
r = 2.34 %
So
taking log both side
log 2 = n log 1.0234
n×0.01 = 0.3010
n = 30.10 year