Question
determine the term of $2100 with an interest rate of 21.77% a compounded semi-annually if the future value is $5900
7 years
5 years
30 years
16 years
7 years
5 years
30 years
16 years
Answers
Steve
2100(1+.2177/2)^(2*t) = 5900
david
what is 5900 is years?
thank
thank
david
I got 2582.05 idk what that is in years
Steve
clearly you have no idea what you are doing, david.
2100(1+.2177/2)^(2*t) = 5900
(1+.2177/2)^(2*t) = 2.8095
2t log(1.10885) = log(2.8095)
2t * 0.04487 = 0.44863
t = 4.999
so, it will take 5 years
2100(1+.2177/2)^(2*t) = 5900
(1+.2177/2)^(2*t) = 2.8095
2t log(1.10885) = log(2.8095)
2t * 0.04487 = 0.44863
t = 4.999
so, it will take 5 years