Question

Jack asked Ji to mary hime, and she has accepted under one condition Jack must bey her a new 5350 , oco Rolbs Royce Phantom Jack curently has $28,910 that he may invest. He has found a mutual hund with an expeded anewal roturn of 6 percent in which he will place the moniey. How long wit it take Jack to win sers hand in marriage? Ignore taxes and intlation. The number of years it will take for Jack to win Jäs hand in martiage b years. (Roind to obe decinal plsce)

Answer 1

It will take approximately 18.36 years for Jack to win Ji's hand in marriage.

Step-by-step explanation:

To calculate how long it will take Jack to win Ji's hand in marriage, we need to determine how long it will take for his investment to grow to $5,350. Jack currently has $28,910, and he will be investing it in a mutual fund with an expected annual return of 6 percent. We can use the compound interest formula, A = P(1 + r/n)^(nt), where A is the desired amount, P is the initial investment, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years.

Plugging in the values, we get:
A = 28,910(1 + 0.06/1)^(1t) = 5,350
Simplifying the equation, we have:
(1.06)^t = 0.185
Taking the natural logarithm of both sides and solving for t, we find that t ≈ 18.36 years.