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Solve for the unknown number of years in each of the following (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.):Present Value Years Interest Rate Future Value$ 490 x 10 % $ 1,252740 x 11 1,67017,700 x 16 216,05020,800 x 13 262,330

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hyderali230

Answer:

  Present Value     Years     Interest Rate     Future Value

1.   $490                   9.84              10%                $1,252

2.   $740                   7.80             11%                 $1,670

3.   $17,700                16.86           16%                $216,050

4.   $20,800               20.74           13%                $262,330

Explanation:

  Present Value     Years     Interest Rate     Future Value

1.    $490                      x                 10%                $1,252

2.   $740                       x                 11%                 $1,670

3.   $17,700                   x                 16%                $ 216,050

4.   $20,800                 x                 13%                $ 262,330

Solution

1.

FV = PV x ( 1 + r )^n

1252 = 490 x ( 1 + 0.1 )^n

1252 / 490 = 1.1^n

2.5551 = 1.1^n

log 2.5551 = n log 1.1

n = log 2.5551 / log 1.1

n = 9.84

2.

FV = PV x ( 1 + r )^n

1670 = 740 x ( 1 + 0.11 )^n

1670 / 740 = 1.11^n

2.2568 = 1.11^n

log 2.2568 = n log 1.11

n = log 2.2568 / log 1.11

n = 7.8

3.  

FV = PV x ( 1 + r )^n

216,050 = 17,700 x ( 1 + 0.16 )^n

216,050 / 17,700 = 1.16^n

12.2062 = 1.16^n

log 12.2062 = n log 1.16

n = log 12.2062 / log 1.16

n = 16.86

4.  

FV = PV x ( 1 + r )^n

262,330 = 20,800 x ( 1 + 0.13 )^n

262,330 / 20,800 = 1.13^n

12.612 = 1.13^n

log 12.612 = n log 1.13

n = log 12.612 / log 1.13

n = 20.74

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