Answer:
You have to wait for 19 years
Step-by-step explanation:
expected money to be receive = $34,000
rate of interest = 10 %
Amount to be received = $169,000
time = ?
[tex]A = P(1+\dfrac{r}{100})^t\\169000 =34000(1+\dfrac{10}{100})^t\\1.1^t = 4.97[/tex]
taking log both side
t × ln (1.1) = ln (4.97)
t = 16.82
t = 17 (approx.)
so, he have to wait for 17 + 2 = 19 years .
