Answered

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You currently have $8,700 (Present Value) in an account that has an interest rate of 5% per year
compounded monthly (12 times per year). You want to withdraw all your money when it reaches
$20,010 (Future Value). In how many years will you be able to withdraw all your money?
The number of years is

Sagot :

Bosm93idn

Answer:

18 years

Step-by-step explanation:

20,010 = 8700*(1.05)^x

x = log_21/20 (23/10)

x = 17.07125

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