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Need help with these questions about financial math.

 Dec 7, 2017
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1)   FV = PV x e^(0.09t)

$30,000 =$15,000 x e^(.09t), solve for t

t =100ln(2)/9 =~7.7 years.

 

2)  FV =20,000 x e^(0.0875*20)

      FV =20,000 x 5.754602676....

      FV =$115,092.05 - what James will have when he is 20 years old.

 Dec 7, 2017

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