Finance

Solve the following problem by using the compound interest formula.

The FernRod Motorcycle Company invested $260,000 at 3.5% compounded monthly to be used for the expansion of their manufacturing facilities. How much money will be available for the project in years? Round the monthly rate in decimal form to four decimal places. Round your answer to the nearest dollar. Do not round any other intermediate calculations.

$ _________

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  1. how many years?
    In any case, after t years, the amount will be
    260000(1 + 0.035/12)^(12t)
    so do the math

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