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3 year(s) ago, Fatima invested 6,430 dollars. In 2 year(s) from today, she expects to have...

3 year(s) ago, Fatima invested 6,430 dollars. In 2 year(s) from today, she expects to have 8,850 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 11,030 dollars? Round your answer to 2 decimal places (for example, 2.89, 14.70, or 6.00)

Please show your work.

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Answer #1

Function Arguments RATE Nper 5 Pmt 0 个=-6430 Pv -6430 Fv 8850 8850 - number Type Returns the interest rate per period of a loan or an investment. For example, use 6%/4 for quarterly payments at 6% APR. is the future value, or a cash balance you want to attain after the last payment is made. If omitted, uses Fv= 0. Fv Formula result = 6.6096 OK Cancel

Function Arguments Rate 6.6% -0.066 Pmt 0 8850 Pv -8850 11030 Fv 11030 - number Type 3.445312408 Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. is the future value, or a cash balance you want to attain after the last payment is made. If omitted, zero is used. Fv Formula result 3.45 OK Cancel

Hence, in 5.45 years, firm will have $11,030 (3.45 years+2 years)

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