Please awnser the question stepbystep Please do not skip any

Please awnser the question step-by-step. Please do not skip anything (including the math). Thank you!!

Acme Bricks, a masonry products company, wants to have $600,000 on hand before it invests in new conveyors, trucks, and other equipment. If the company sets aside $80,000 per year in an account that increases in value at a rate of 15% per year, how many years will it be before Acme can purchase the equipment?

Solution

P = $100,000

At the end of 1st year the amount becomes

F = P(F/P, i, n) = 100,000(F/P, 8%, 1) = 100,000 x 1.080 = $108,000

At the end of 1st year, $ 150,000 is added to $108,000. Now

P = $258,000

At the end of 4th year the amount becomes

F = P(F/P, i, n) = 258,000(F/P, 8%, 3) = 258,000 x 1.260 = $325,080

Therefore, the company will have $325,080 in the account