How many years would it take for a debt of $10,471 to grow into $34,171 if...

How many years would it take for a debt of $10,471 to grow into $34,171 if the annual compound interest rate is 6.3% with daily compounding?

Expert Solution

Ans 18.78 years

FV =	Future Value
PV =	Present Value
r =	rate of interest
n=	no of period


FV/ PV =	(1 + r )^n
34171 / 10471 =	(1 + 6.3%/365)^n
3.26339413618566 =	(1 + 6.3%/365)^n
3.26339413618566 =	1.000173^n
n =	18.78 years

jeff jeffy answered 2 years ago

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