For this question why do we not use the formula in picture 2?

why is it (1.0725^N-1) in stead of (1-1/1.0725^N)?

Should't we use the PV formula for annuity to calculate its IRR?

Solution The timeline for this problem is in yolan N 2 bin 0 - $5000 - $10,050 -$5000 -$5000 +$60,000 We need to find N so that the future value of our current savings plus the future value of our planned additional savings (which is an annuity) equals our desired amount: 1 10,050 X 1.0725 + 5000 X (1.0725N - 1) = 60,000 0.0725 50 x 102s A + SS 4 175 (1-15)