Suppose you deposit $1,061.00 into an account today that earns 14.00%. It will take ___ years for the account to be worth $2,708.00.
I have:
2,708 = 1061 (1+14%)^n
2.5523^(1/n) = 1.14
The answer is 7.15 but how did they get to that number. Please explain how to solve for “n” when it is an exponent (might be saying the wrong thing but for the n)? Am I on the right track

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *