Question
Your friend received a gift of $2,000 on her twelfth birthday (when she became 12 years old) that she invested at 5.7 percent interest, compounded
Your friend received a gift of $2,000 on her twelfth birthday (when she became 12 years old) that she invested at 5.7 percent interest, compounded annually. Her investment is now worth $6,406.26. How old is she today? Derive the formula and explain your calculation in detail.
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
0357517571, 978-0357517574
