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An engaged couple agrees to get married once their savings equal $58,450.00. They have $34,200.00 at...

An engaged couple agrees to get married once their savings equal $58,450.00. They have $34,200.00 at the moment and will invest the money in an account that earns 7.00% per year. How many years will the engagement last?

Answer Format: Number: Round to: 2 decimal places.

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Answer #1

Present Value = $34,200

Future Value = $58,450

Interest Rate = 7%

Using TVM calculation,

T = [PV = 34200, FV = 58450, R = 7%, PMT = 0]

T = 7.9 years

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