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https://www.coursehero.com/file/7664254/Week2/?justUnlocked=1 On P3-5A - Approximately how many years will it take for the account to reach $25,000? I see 25,000 = 10,000(1+0.07)n (1.07)n = 25,000
https://www.coursehero.com/file/7664254/Week2/?justUnlocked=1
On P3-5A - Approximately how many years will it take for the account to reach $25,000?
I see
25,000 = 10,000(1+0.07)n
(1.07)n = 25,000 / 10,000
(1.07n) = 2.5
n*ln(2.5)/ln(1.07)
n= 13.54 years
I don't understand how n equals 13.54.
25,000 / 10,000 = 2.5
Then 2.5 / 1.07 = 2.3364485981308411214953271028037
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