Solved

If P Dollars Are Invested at the End of Each n=log[Arp+1]log(1+r)n = \frac { \log \left[ \frac { A r } { p } + 1 \right] } { \log ( 1 + r ) }

Question 69

Multiple Choice

If P dollars are invested at the end of each year in an annuity that earns interest at an annual rate r, the amount in the account will be A dollars after n years, where n=log[Arp+1]log(1+r) n = \frac { \log \left[ \frac { A r } { p } + 1 \right] } { \log ( 1 + r ) } If $2,600 is invested each year in an annuity earning 14% annual interest, when will the account be
Worth $30,000?


A) 2.7 years
B) 7.3 years
C) 11.5 years
D) 3.7 years
E) 16.9 years

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions