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Sagot :
Answer:
n= 12.25 years
Explanation:
Giving the following information:
Present value= $10,200
Future value= $17,800
Interest rate= 6.2%
First, we need to calculate the number of years it will take the investment to reach $17,80. We need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(17,800/10,200) / ln(1.062)
n= 9.25 years
Now, the total number of years:
n= 9.25 + 3
n= 12.25 years
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