If Rachel invests $2700 today in an account that pays 6% compounded annually, how long will...
If Rachel invests $2700 today in an account that pays 6% compounded annually, how long will it take for her to accumulate $8,500 in her account?
Homework Answers
Ans 19.68 years
| FV = | Future Value |
| PV = | Present Value |
| r = | rate of interest |
| n= | no of period |
| FV/ PV = | (1 + r )^n |
| 8500 / 2700 = | (1 + 6%)^n |
| 3.1481481481 = | 1.06^n |
| n = | 19.68 years |
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