Question

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

Answer 1

18 years

Explanation:

20,010 = 8700*(1.05)^x

x = log_21/20 (23/10)

x = 17.07125