Asked by Maggie
Assuming that you invest $12,000 in Japan, how long (to the nearest year) must you wait before your investment is worth $17,000 if the interest is compounded annually? The rate is 0.5%
Answers
Answered by
Scott
17000 = 12000 (1 + .05)^y
log(17/12) = y log(1.05)
log(17/12) = y log(1.05)
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