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Sagot :
Answer:
n= 11.65 years
Step-by-step explanation:
Giving the following information:
Present Value (PV)= $33,000
Future Value (FV)= $15,000
Decrease rate (d)= 7%
To calculate the number of years it will take to reach $15,000; we need to use the following formula:
n= ln(FV/PV) / ln(1+d)
n= ln(15,000/33,000) / ln(1.07)
n= 11.65 years
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