Question
A member of the community recently donated to charity the balance of an investment account to which they made a single lumpsum deposit of $10,
A member of the community recently donated to charity the balance of an investment account to which they made a single lumpsum deposit of $10, 000 many years ago. The donor was pleased to note that the investment grew as if it had been invested at a rate of 6%, compounded annually. If the donation was $160, 000, how many years ago was the investment made?
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Finance
Authors: Angelico Groppelli, Ehsan Nikbakht
7th Edition
1438010362, 9781438010366
