Answer:
answer to first question:
(1 + i)⡠= $15,767.18 / $9,200 = 1.713824
âˇâ(1 + i)⡠= âˇâ1.713824
1 + i = 1.08
i = 8%
answer to second question:
(1 + 8%)âż = $89,052.92 / $50,000 = 1.7810584
1.08âż = 1.7810584
n = log 1.7810584 / log 1.08 = 0.25067816 / 0.033423755 = 7.5 years
answer to third question:
If you invest $1 today at 15% annual compound interest for 82.3753 years, youâll end up with $100,000.
FV = $1 x 1.15â¸Â˛Â°ÂłâˇâľÂł = $100,000