Homework Answers
This is the future value (FV) of annuity calculation.
Annual investment = A = $8,197
r = rate of interest = 0.09
n = Number of years =?
FV = 90,400
Hence, by the formula as below:
FV = (A/r) [(1 + r)^n – 1]
90,400 = (8,197 / 0.09) [(1 + 0.09)^n – 1]
90,400 = 91,077.7778 [1.09^n – 1]
90,400 / 91,077.7778 = 1.09^n – 1
0.992558 + 1 = 1.09^n
1.992558 = 1.09^n
Therefore,
n = In (1.992558) / In (1.09)
= 0.689419 / 0.086177
= 8
Answer: years 8
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