you have the following data for this exercise, initial capital C = $98,000 , the rate of interest of i = 5,5 %, and the final amount M = $129,000
YOU NEED CALCULATE THE TIME n
of this formula you can find n, M = C(1+i)^n, then log M/C = nLOG(1+i),
n = 0,11n = LOGM/C÷LOG (1+i), n = LOG 129,000/98,000÷LOG ( 1+0,05), WHERE 925589/0,0211893 = 5,628111≅5, IT WOULD TAKE APPROXIMATELY 5 YEARS
