D Question 5 1 pts What is the minimum number of years requi

D Question 5 1 pts What is the minimum number of years required to accumulate $18601 if $653 is deposited at the end of each year, and interest is payable at 8.7% per year, compounded annually? Previous Next Quiz saved at 4:06m Submit Ouiz

Solution

Solution We have F=18601 A=653 i=.087 n=? F = A[(1+i)^n-1]/i therefore, 18601=653{(1+.087)^n-1)/.087 n=15 years (approx)