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 Apr 2, 2020
edited by Guest  Apr 2, 2020
 #1
avatar+23695 
+1

Interest YEARLY =   .0525   in decimal form

                  DAILY = .0525/365 = .000143836

 

FV = $ 7600       7600 = 4500 (1+.000143836)n       where 'n' is the number of days needed to reach 7600

                           7600/4500 = 1.000143836n              take LOG of both sides

                            .2276 =  n LOG (1.000143836)

                                           n = 3643.8 days   = ~ 10 years   rounded

 Apr 2, 2020

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