Computation the number of years (n) is:
Number of years (n) = In (1 + (FV * Interest rate) / PMT)) / In (1 + Interest rate)
= In (1 + ($9,000 * 0.0004) / $600)) / In (1 + 0.0004)
= In (1 + ($3.6 / $600)) / In (1.0004)
= In (1 + 0.006) / In (1.0004)
= In (1.006) / In (1.0004)
= 0.005982 / 0.000399
= 14.99 (Approx.) years
Hence, the number of years (n) is 14.99 years (Approx.)
Use the future value formula to find the indicated value. FV =9,000; i = 0.04, PMT...
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