Answer 1 The formula of the future value of annuity ordinary is Fv=pmt [(1+r)^(n)-1)÷r] Solve the formula for n Fv/pmt=(1+r)^(n)-1)÷r cross multiplication (Fv/pmt)×r=(1+r)^(n)-1 (Fv/pmt)×r+1=(1+r)^(n) take the log for both sides Log ((Fv/pmt)×r+1)=n×log (1+r) Divide each side by log (1+r) N=[Log ((Fv/pmt)×r+1)]÷log (1+r) Now solve to find n N=log((10,000÷800)×0.03+1) ÷log(1+0.03)=10.77years round your answer to get 11 years
