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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?

Respuesta :

Answer:

about 19.31 years

Step-by-step explanation:

[tex]10000( {1.11}^{x} ) = 75000[/tex]

[tex] {1.11}^{x} = 7.5[/tex]

[tex]x ln(1.11) = ln(7.5) [/tex]

[tex]x = \frac{ ln(7.5) }{ ln(1.11) } = 19.31[/tex]

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