Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the correct answer is 20.9 can someone show me the work How many years would it take for a debt of $1,058 to grow into

the correct answer is 20.9 can someone show me the work
image text in transcribed
How many years would it take for a debt of $1,058 to grow into $3.136 if the annual rate is 5.2% with continuous compounding? In this question you will need to solve for t in FV=PVert. Start by dividing both sides by PV. Then use logarithms to "bring down" the exponent. Round your answer to the nearest tenth of a year. 20.9 marzin of error +1=0.2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Knowledge Audit A Complete Guide

Authors: The Art Of Service - Knowledge Audit Publishing

2021 Edition

1867424010, 978-1867424017

Students also viewed these Accounting questions