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March 29, 2017

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How long will it take $2,000 to reach $4,800 when it grows at 12 percent per year? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

I need help solving this problem, can i see it worked out?

  • finance - ,

    P =Po + Po*r*t.
    P = 2000 + 2000*0.12*T = $4800
    2000 + 240T = 4800
    240T = 4800-2000 = 2800
    T = 20 Yrs.

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