Answer:
n= 11.65 years
Step-by-step explanation:
Giving the following information:
Present Value (PV)= $33,000
Future Value (FV)= $15,000
Decrease rate (d)= 7%
<u>To calculate the number of years it will take to reach $15,000; we need to use the following formula:</u>
<u></u>
n= ln(FV/PV) / ln(1+d)
n= ln(15,000/33,000) / ln(1.07)
n= 11.65 years
The first one is 20 and the second one is 19 and the third one is 25 and the fourth one is 15 and the fifth one is 11 and the sixth one is 28