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need an explanation to how this wuestion was done will give thumbs up PV=C[r1(1+r)t1]1,000=20[0.0151(1+0.015)t1](1+0.015)t1=0.250.251=(1+0.015)tt=ln(1.015)ln(0.251)t=$93.11m7.7years

need an explanation to how this wuestion was done

will give thumbs up

PV=C[r1(1+r)t1]1,000=20[0.0151(1+0.015)t1](1+0.015)t1=0.250.251=(1+0.015)tt=ln(1.015)ln(0.251)t=$93.11m7.7years

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