Homework Help: finance

Posted by steve on Tuesday, February 19, 2013 at 11:18am.

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 - Henry, Wednesday, February 20, 2013 at 3:52pm
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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