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You expect to receive $10,000 at graduation in two years. You plan on investing it at 11% until you have $75,000. How long will you wait from now?
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3 votes
You expect to receive $10,000 at graduation in two years. You plan on investing it at 11% until you have $75,000. How long will you wait from now?

User Felix Antony
by
4.5k points

1 Answer

3 votes

Answer:

about 19.31 years

Explanation:


10000( {1.11}^(x) ) = 75000


{1.11}^(x) = 7.5


x ln(1.11) = ln(7.5)


x = ( ln(7.5) )/( ln(1.11) ) = 19.31

User Michael Bahl
by
4.2k points
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