Based on the calculation below, the number of years it would be for Mia to have $34,000 is 29.1 years.
<h3>How do we find the period or time of investment?</h3>
The formula in the question is the formula for calculating the future value of an ordinary annuity and it can be rewritten as follows:
A = d((((1 + i)^n) – 1) / i) …………………………… (1)
Where:
A = $34,000
d = $850
i = 0.4% * number of months in a year = 0.4% * 12 = 4.8% = 0.048
n = number of years?
Substitute all the values into equation (1) and solve for n, we have:
$34,000 = $850((((1 + 0.048)^n) - 1) / 0.048)
$34,000 / $850 = (((1 + 0.048)^n) - 1) / 0.048
40 = (((1 + 0.048)^n) - 1) / 0.048
40 * 0.048 = ((1 + 0.048)^n) – 1
1.92 + 2 = (1 + 0.048)^n
3.92 = 1.048^n
Taking the log of both sides, we have:
Log3.92 = nlog1.048
0.593286067020457 = n 0.0203612826477079
n = 0.593286067020457 / 0.0203612826477079
n = 29.1379515370189
Rounding to the nearest of a year, we have:
n = 29.1
Learn more about the future value of an ordinary annuity here: brainly.com/question/17925440.
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