A company that manufactures ultrasonic wind sensors invested $1.5 million 2 years ago to acquire part-ownership in an innovative chip-making company. How long will it take from the date of their initial investment for their share of the chip-making company to be worth $6 million, if that company is growing at a rate of 25% per year?
What will be an ideal response?
1,500,000 = 6,000,000(P/F,25%,n)
(P/F,25%,n) = 0.2500
From 25% table, n is between 6 and 7 years; therefore, n = 7 years
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