This exercise is based on the following table, which lists interest rates on long-term investments (based on 10-year government bonds) in several countries in 2008.
Assuming that you invest $12,000 in the Japan(1.5%), how long (to the nearest year) must you wait before your investment is worth $16,000 if the interest is compounded annually?
What formula do I use to solve this and how? I got 17 years but its wrong
thank you
1 answer
See 2-29,3:41am post.