20 years is the answer.
A= R(1+r)^ t
A-415
R=230
r=3%
415=230 (1+3%)^ t
t=log1.03 315/230
t=19.89 (use calculator)
David will invest at least 20 years.
An investment is a dedication of an asset to achieve an increase in value over a period of time. Investing requires the sacrifice of current assets such as time, money and effort. In finance, the purpose of an investment is to generate a profit on the invested asset
The most common example of an investment type. Investment is generally what you want to use in the future with the aim of generating regular cash flow or increasing the value of something over time so that you can sell it at a higher price than you purchased.
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