Question

How many years will it take for 9,000 to grow to 84,000 if you can earn...

How many years will it take for 9,000 to grow to 84,000 if you can earn an average rate of 6.9% per year

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

We can use the compound interest formula to find the answer:

Where,
A = Amount
P = Principal amount
i = rate of return
n = number of years

i = 6.9 /100 = 0.069

Substituting the values, we get:

Now taking Log on both sides we get:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Investing. How many years will it take $9,000 to grow to $16,700 if it is invested...
Investing. How many years will it take $9,000 to grow to $16,700 if it is invested at 3% ​(A) compounded​ quarterly? ​(B) compounded​ continuously?
- How many years will it take for $100,000 to grow to $500,000 if it is...
- How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual interest rate of 9.15%? Round to the nearest 0.01. - You are told that if you invest $5,000 per year for 35 years you will have accumulated $1,000,000. What is the annual rate of return on the latter investment? Round to the nearest 0.01%.
Show the work with formulas. - How many years will it take for $100,000 to grow...
Show the work with formulas. - How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual interest rate of 9.15%? Round to the nearest 0.01. - You are told that if you invest $5,000 per year for 35 years you will have accumulated $1,000,000. What is the annual rate of return on the latter investment? Round to the nearest 0.01%.
Que: How many years will it take to acquire the 1.5 million if you only earn...
Que: How many years will it take to acquire the 1.5 million if you only earn 6% and have 50k now and put in 12k per year? a. 54 b. 33 c. 40 d. 38
How many years will it take $145,000 to grow to $675,000 if it is invested in...
How many years will it take $145,000 to grow to $675,000 if it is invested in an account with a quoted annual interest rate of 9% with monthly compounding of interest?
1. How many years will it take for $480 to grow to $1,061.07 if​ it's invested...
1. How many years will it take for $480 to grow to $1,061.07 if​ it's invested at 7 percent compounded​ annually? The number of years it will take for $480 to grow to $1,061.07 at 7 percent compounded annually is ___ years? 2. At what annual interest​ rate, compounded​ annually, would $520 have to be invested for it to grow to $2,008.76 in 10 years? The annual interest​ rate, compounded​ annually, at which $520 must be invested for it to...
(Compound value solving for n​) How many years will the following​ take?a. ​$500 to grow to...
(Compound value solving for n​) How many years will the following​ take?a. ​$500 to grow to ​$1,039.50 if invested at 5 percent compounded annuallyb. ​$35 to grow to ​$53.87 if invested at 9 percent compounded annuallyc. ​$100 to grow to ​$298.60 if invested at 20 percent compounded annuallyd. ​$53 to grow to ​$78.76 if invested at 2 percent compounded annuallya. How many years will it take for ​$500 to grow to ​$1,039.50 if invested at 5 percent compounded​ annually? nothing...
Compound value solving for n​) How many years will the following​ take?a. ​$510 to grow to...
Compound value solving for n​) How many years will the following​ take?a. ​$510 to grow to ​$1,093.23 if invested at 10 percent compounded annuallyb. ​$38 to grow to ​$60.30 if invested at 8 percent compounded annuallyc. ​$110 to grow to ​$421.94 if invested at 13 percent compounded annuallyd. ​$51 to grow to ​$64.39 if invested at 6 percent compounded annually a. How many years will it take for ​$510 to grow to ​$1,093.23 if invested at 10 percent compounded​ annually?...
How many years does it take for $1,000 grow to be $1,500, if interest rate is...
How many years does it take for $1,000 grow to be $1,500, if interest rate is 12% compounded monthly? BGN or END MODE ( choose one ) P/Y = N= ? I/Y= PV= PMT= FV= CPT , N = Can you explain how you computed it for compunded monthly. 2. How many years does it take for $1,000 to grow to be $1,500, if interest rate is 12%? BGN or END MODE ( choose one ) P/Y = N= ?...
How long will it take you to grow your $5,000 investment in your savings account to...
How long will it take you to grow your $5,000 investment in your savings account to $12,000 for a down payment on a new sports car? Assume you can earn 1.5% annual interest per year on your savings, compounded monthly, and you make no further deposits into the account. Multiple Choice 700.81 years 58.80 years 4.90 years 63.87 years 58.40 years
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT