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Evgesh-ka [11]
2 years ago
14

You will receive $4,000 at graduation 3 years from now. You plan on investing this money at 5 percent annual interest until you

have accumulated $50,000. How many years from today will it be when this occurs? (Provide an approximation using the tables or an exact number if using Excel)
Business
1 answer:
attashe74 [19]2 years ago
8 0

Answer:

It will take approximately 55 years

Explanation:

<em>The future value of a lump sum is the amount expected at a future date when a sum of money is invested today at a particular rate of interest for certain number of years</em>

FV = PV × (1+r)^(n)

FV= 50,000, PV = 4,000, n-?, r- 5%

50,000 = 4,000 × (1.05)^n

divide both sides by 4000

12.5 = 1.05^n

n= log 12.5/log 1.05

n = 51.8

The number of years = 51.8 + 3 years

                                  =54.767

Approximately 55 years

It will take 55 years

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