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marissa [1.9K]
2 years ago
8

You expect to receive a payout from a trust fund in 3 years. The payout will be for $10,200. You plan to invest the money at an

annual rate of 6.2 percent until the account is worth $17,800. How many years do you have to wait from today
Business
1 answer:
solong [7]2 years ago
7 0

Answer:

n= 12.25 years

Explanation:

Giving the following information:

Present value= $10,200

Future value= $17,800

Interest rate= 6.2%

<u>First, we need to calculate the number of years it will take the investment to reach $17,80. We need to use the following formula:</u>

n= ln(FV/PV) / ln(1+i)  

n= ln(17,800/10,200) / ln(1.062)

n= 9.25 years

<u>Now, the total number of years:</u>

n= 9.25 + 3

n= 12.25 years

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