Homework Answers
Rate = 6.65% / 4 = 1.6625%
Number of periods = 4*n
Future value = Annuity * [(1 + r)n - 1] / r
250,000 = 2500 * [(1 + 0.016625)4*n - 1] / 0.016625
100 = [(1.016625)4n - 1] / 0.016625
1.6625 = (1.016625)4n - 1
2.6625 = (1.016625)4n
LN 2.6625 = 4n LN 1.016625
0.979266 = 4n0.016488
0.979266 = n0.065953
14.85 = n
It will take 14.85 years
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