unknown number of years.Present Value Years Interest Rate Future Value $ 250 9 % $ 1,105

Jun 21st, 2015
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Solve for the unknown number of years in each of the following (Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16)): Present Value Years Interest Rate Future Value $ 250 9 % $ 1,105 1,941 7 3,700 32,805 12 387,120 32,500 19 198,212

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Question # 5Solve for the unknown number of years for each of the followingSolution:Formula:Future Value = Present Value * (1+r)^t(1+r)^t=Future value / Present valuet = log(Future value / Present value) / log(1+r)t = log(Future value / Present value) / log(1+r)t = log( $ 1105/ 195) / log(1+0.09)t = log( $ 5.6667) / log(1.09)t = 0.7533 / 0.0374t = 20.14 or approximately 20 yearst = log(Future value / Present value) / log(1+r)t = log( $ 3700 / 2105) / log(1+0.07)t = log( $ 1.7577) / log(1.07)t = 0.2449 / 0.0294t = 8.33 or approximately 8 yearst = log(Future value / Present val

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