4. How many years will the following take? $2,917 to grow to $61,207 if invested

Question

4. How many years will the following take?
$2,917 to grow to $61,207 if invested at 3 perecent, compounded annually.
Round the answer to two decimal places

5. Cooling Tools, Inc. is currently producing 1,479 of small refrigerators per month but the company's CEO plans to increase production at a rate of 5.00 percent per month until the firm is producing 5,970 of refrigerators per month. How many months will this take?
Round the answer to two decimal places.

6. Upon graduating from college, you make an annual salary of $76,833. You set a goal to double it in the future. If your salary increases at an average annual rate of 4.33 percent, how long will it take to reach your goal?
Round the answer to two decimal places.

Explanation / Answer

4. How many years will the following take?
$2,917 to grow to $61,207 if invested at 3 perecent, compounded annually.
Round the answer to two decimal places

61207 = 2917*(1.03)^n

so n = log20.982/log1.03 = 102.96

n = 103 years approx

5. Cooling Tools, Inc. is currently producing 1,479 of small refrigerators per month but the company's CEO plans to increase production at a rate of 5.00 percent per month until the firm is producing 5,970 of refrigerators per month. How many months will this take?

5970 =1479*1.05^n

n= log4.03/log1.05 = 28.56

no. of months = 28.57 months approx

Round the answer to two decimal places.

6. Upon graduating from college, you make an annual salary of $76,833. You set a goal to double it in the future. If your salary increases at an average annual rate of 4.33 percent, how long will it take to reach your goal?
Round the answer to two decimal places.

to double your money

no. of years = Log 2 / log 1.0433 = 16.36 years

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