Ans 10.32 years
Value after 10 years | |
Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
Future Value of Annuity = | 40* ((1 + 4.6%/52)^520 - 1) / (4.6%/52) |
Future Value of Annuity = | 26395.74 |
After 10 years, time to reach to $ 50000 | |
FV = | PV (1 + r )n |
50000 = | 26395.74*(1+6.5%)^n |
50000 / 26395.74 = | 1.065^n |
1.89424505620983 = | 1.065^n |
n = | 10.32 years |
1144311JUMI ted: Oct 10 at 2:25pm Quiz Instructions nce you start the quiz, you will have...