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1 year(s) ago, Fatima invested 6,260 dollars. In 2 year(s) from today, she expects to have...

1 year(s) ago, Fatima invested 6,260 dollars. In 2 year(s) from today, she expects to have 7,940 dollars. If Fatima expects to earn the same annual return after 2 year(s) from today as the annual rate implied from the past and expected values given in the problem, then in how many years from today does she expect to have exactly 10,070 dollars? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00).

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Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

FATIMA 1 YEARS AGO 2 YEARS FROM TODAY FUTURE VALUE INVESTMENT 6260 7940 SO TOTAL NO OF YEARS PV- FV- RATE- 3 6260 7940 8.25% [EXCEL-RATE(Q220,-QZ21,Q222)] NOW WE HAVE TO FIND VALUE AFTER HOW MANY YEARS IT WILL BE WORTH 10070 FUTURE VALUE NO OF YEARS 10070 6.00 [EXCEL NPER(QZ23,-0Z21,0Z27)] SO TOTAL 6 YEARS WILL BE TAKEN AND AS INVESTMENT IS MADE 1 YEAR AGO, IT WILL TAKE 5 YEARS FROM TODAY NO OF YEARS ANS 5.00

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