if we put 60000$ in a bank at a 3% interest augment per year, how many years must we keep the money in the bank to obtain a 33478.04$ of benefit?
FV=PV(1+i)^n
FV is 60000 + 33478.04 PV is 60000 i is .03 Find n
93478.04 = 60000(1.03)^n
93478.04/60000 = 1.03^n
1.55796 = 1.03^n
log 1.55796 = n log 1.03 n= 15 years
