1 answer

You just took over another financial adviser's account. The client invested $15,500 at 6.92% compounded monthly...

Question:

You just took over another financial adviser's account. The client invested $15,500 at 6.92% compounded monthly and now has $24,980.58. How long has this client had the money invested?


Answers

Future Value = Present Value(1+r)t

Let the no of period be x

24980.58 = $ 15500(1+0.0692)x

(1+0.0692)x = 24980.58 /15500

(1+0.0692)x = 1.61165

Takinbg log both sides

log (1+0.0692)x = log 1.61165

x log 1.0692 = log 1.61165

taking value of log

x * 0.0291 = 0.2073

x = 0.2072/ 0.0291

x = 7.12 Months

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