A .What is the future value of the following cash flow stream at a rate of 12.0%?

Using the formula approach : = (0)(1 +0.12)^4 + 1,500(1 +0.12)^3 + 3,000(1 +0.12)^2 + 4,500(1+ 0.12)^1 + -6,000(1 + 0.12)^0

= 0 + 2107.39 + 3763.20 + 5040 + -6000

= 4,910.59

FV = $4,910.59

(1 point)

Time

Cash Flow

0

$0

1

$1,500

2

$3,000

3

$4,500

4

-$6,000

b. Company X is planning to acquire Company Y, which cost $10 million. Company X has currently $2.3 million. If going interest is 5%, how long Company X must wait to generate enough money to acquire company Y? (1 point)

** This is the whole problem, Part A is done I need help with part B. Showing all work and equations used**