Answer:
time t = 28.72 years
Explanation:
given data
Present Value = $21,500
Interest Rate = 11%
Future Value = $430,258
solution
we will apply here future value formula to find out time period that is express as
future value = present value × [tex](1+r)^{t}[/tex] .....................1
put here value and we will get
$430,258 = $21,500 × [tex](1+0.11)^{t}[/tex]
20.012 = [tex](1.11)^{t}[/tex]
take ln both side
ln (20.012) = t × ln(1.11)
t = [tex]\frac{2.9963}{0.1043}[/tex]
time t = 28.72 years
