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?

Solutions

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 1 year ago

Next > < Previous

Related Solutions

- How many years will it take for $100,000 to grow to $500,000 if it is...

- How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual interest rate of 9.15%? Round to the nearest 0.01. - You are offered a line of credit with a quoted interest rate of 20% with daily compounding. What is your effective annual interest rate? Round to the nearest 0.01%.

How many years will it take $7,000 to grow to $11,300 if it is invested at...

How many years will it take $7,000 to grow to $11,300 if it is invested at 3.25% compounded continuously?

How many years will it take $3,000 to grow to $5,700 if it is invested at...

How many years will it take $3,000 to grow to $5,700 if it is invested at 9% (A) compounded quarterly? (B) compounded continuously?

8. a) (Solving for n?) How many years will it take for $520 to grow to...

8. a) (Solving for n?) How many years will it take for $520 to grow to ?$1058.91 if? it's invested at 8 percent compounded? annually? (Round to one decimal? place.) b) (Present value) Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of ?$395,000 due in 26 years. In other? words, they will need ?$395,000 in 26 years. Toni? Flanders, the? company's CEO, is scrambling to discount the liability to the present to assist...

How many years would it take for an investment to double in dollar terms if invested...

How many years would it take for an investment to double in dollar terms if invested at 4%p.a.? Please give your answer to the nearest whole number

Assuming that the world population continue to grow at its current rate, how many years would...

Assuming that the world population continue to grow at its current rate, how many years would it take for the world population to grow. Hint: rate of natural increase: 0.012 is the value of "r" that you will use in the calculations below. Remember, net migration is 0 at the global level, so the rate of natural increase (RNI) is the growth rate(r) for the world population. Second, what is the size of the world population in 2018, according to...

2. How many months it will take to grow your money from $10,250 to $25,000 if...

2. How many months it will take to grow your money from $10,250 to $25,000 if you can earn an interest of 8% compounded monthly? How many years will it take? 3. How many years it will take to grow your money from $3308 to $9537 if you can earn an interest of 15% compounded quarterly?

How Long Would it take for $2,000 to grow to $12,000, assumingyou can earn 9%...

How Long Would it take for $2,000 to grow to $12,000, assuming you can earn 9% return per year?

1. The number of years it will take for $490 to grow to $1,090.76 at 7...

1. The number of years it will take for $490 to grow to $1,090.76 at 7 percent compounded annually is how many years 2. The annual interest rate compounded annually at which 510 must be invested for it to grow to $1.993.67 in 15 years is what? 3. The present value of $900 to be received 14 years from now discounted back to the present at 9 percent is ? 4. Jack asked Jill to marry him, and she has...

How many years will it take for the balance left in a savings account to increase...

How many years will it take for the balance left in a savings account to increase from 2 of 2 $1,000 to $1,500 if interest is received at a nominal rate of 6% compounded semiannually throughout the period?

Subjects