Question
Solve for the unknown number of years: (Use two decimals, i.e. 32.16) PV: 3,590 FV: 21,073...
Solve for the unknown number of years: (Use two decimals, i.e. 32.16) PV: 3,590 FV: 21,073 Rate:15%
Homework Answers
Answer #1
We are given the following information:
| Value of account at time 0 | PV | $ 3,590.00 |
| rate of interest | r | 15.00% |
| number of years | n | To be calculated |
| Future value | FV | $ 21,073.00 |
We need to solve the following equation to arrive at the required n
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