Answer to Question #121867 in Financial Math for Zahra

Question #121867

How long will it take for $2800 to be worth $7000 at a rate of 7.8%/ yearly compounded annually

Expert's answer

F = P( 1 + r/n)^nt

7000 = 2800(1 + 0.078/1)^1*t

7000/2800= (1 + 0.078)^t

log(2.5) = t log (1.078)

log(2.5)/ log (1.078) = t

t = 12.20yrs

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