Respuesta :
Solution
It is given that a man invested $2, 000
The Principal is $2, 000
rate is 6% = 0.06
When t = 19
[tex]FV=2000(1+0.06)^{19}=2000(1.06)^{19}\approx\$6051[/tex]In 19 years there will be $6051
For the man to have a future value double of the man's investment;
[tex]\begin{gathered} 4000=2000(1.06)^t \\ \\ \Rightarrow2=(1.06)^t \\ \\ \text{ taking }ln\text{ of bothn sides} \\ \\ \Rightarrow\ln2=t\ln(1.06) \\ \\ \Rightarrow t=\frac{\ln2}{\ln(1.06)}\approx12 \end{gathered}[/tex]Therefore, it will take up to 12 years for the man's investment to double.
