Question
Determine the term of a $46000 investment with an interest rate of 3.9%, compounded monthly, if the future value is $100000. Round your answer to the nearest year.
- I know I use the rule of 72 but what do you do after that?
- I know I use the rule of 72 but what do you do after that?
Answers
Henry
P = Po(1+r)^n
Use same procedure as your 2-16-14, 4:08
AM post.
Po = $46,000
P = $100,000
Use same procedure as your 2-16-14, 4:08
AM post.
Po = $46,000
P = $100,000