How long will it take $10,000 to reach $50,000 if it earns 10% annual interest compounded semiannually?
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Question:
How long will it take $10,000 to reach $50,000 if it earns 10% annual interest compounded semiannually?
16.5 years
Please show steps to solving this, using the below Equation. I don't know what to put in for "e"
Equation 8-7. Future Value with Continuous Compounding:
FV= PV ∗ e k ∗ n
Where: FV = Future Value
PV = Present Value
e = Natural antilog of 1
n = Number of years
k = Stated annual interest rate (expressed as decimal)
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324597707
12th edition
Authors: Eugene F. Brigham, Joel F. Houston
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