danyalmuhammad2721 danyalmuhammad2721
  • 04-09-2019
  • Mathematics
contestada

You expect to receive $34,000 at graduation in two years. You plan on investing it at 10 percent until you have $169,000.

How long will you wait from now?

Respuesta :

wagonbelleville wagonbelleville
  • 05-09-2019

Answer:

You have to wait for 19 years

Step-by-step explanation:

expected money to be receive =  $34,000

rate of interest = 10 %

Amount to be received = $169,000

time = ?

[tex]A = P(1+\dfrac{r}{100})^t\\169000 =34000(1+\dfrac{10}{100})^t\\1.1^t = 4.97[/tex]

taking log both side

t × ln (1.1) = ln (4.97)

t = 16.82

t = 17 (approx.)

so, he have to wait for 17 + 2 = 19 years .

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