Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $330 comma 000 Rolls-Royce Phantom. Jack currently has $45 comma 530 that he may invest. He has found a mutual fund with an expected annual return of 4.5% in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes.

time = 45 year

Explanation:

given data

Future Value (FV)  = $

Present Value (PV) = $45530

annual return = 4.5%

solution

we will get here time period by the given formula that is

Future value  = present value ×     ................1

here r is rate put here value and we get

330000 = 45530  ×  

=    

= 7.2479

take ln both side

t ln(1.045) = ln (7.2479)

solve it we get

t = 45 year

3,500 beverages

explanation:

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