Question
If the initial investment/principal/present-value (PV) is $ 13,200.00 , the compounded future-value (FV) amount is $22,680.06 , and finally the annually compounded interest rate is
If the initial investment/principal/present-value(PV)is$13,200.00, the compounded future-value(FV)amount is$22,680.06,and finally theannually compounded interest rate is7%; find the value for number for years(t)(rounded to the nearestwhole number, in this example) that it would take the initial principal investment/present-value(PV)to accumulate to the compounded dollar amount/future value(FV).
(*Hint: to solve fort[maturity/number of years], plug in each of the aforementioned values given above in the problem, including: the present and future values, the annual interest rate(r), and also the number of compounding periods(n). Once everything given is plugged in, you will need to divide both sides of the equality/equation by the present value and then algebraically take thenatural logarithm[ln]of, again, both sides of the equality/equation. Finally, in order to solve fort,once again divide both sides.)
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