Use the future value formula to find the indicated value.
FV= 10,000; i= 0.03; PMT= $200; n= ?
n= ( Round up to the nearest integer as needed.)
Solution:-
Formula Future value of annuity (FV) = PMT * {(1 + i)n – 1}/i
FV = 10,000 ,i = 0.03 PMT = 200
=> 10000 = 200 * (1.03n – 1)/0.03
=> (1.03n – 1)/0.03 = 10000 / 200 = 50
=> (1.03n – 1) = 50 * 0.03 = 1.5
=> 1.03n = 2.5
=> log1.03n = log 2.5
=> nlog1.03 = log 2.5
=> n = log 2.5/log 1.03
=> n = 0.3979/0.0128
=> n = 31.085
n = 31
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