Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Megan Brink is offered the possibility of investing $9,499 today at 4% interest per year in a desire to accumulate $12,500. How many years must
Megan Brink is offered the possibility of investing $9,499 today at 4% interest per year in a desire to accumulate $12,500.
How many years must Brink wait to accumulate $12,500? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factors) from the tables provided. Round your "PV of a single amount" to 4 decimal places and final answer to the nearest whole number.)
\begin{tabular}{|l|l|l|l|l|l|l|} \hline Present Value & I & Future Value & = & \begin{tabular}{c} p (PV of a Single \\ Amount) \end{tabular} & \multicolumn{2}{|c|}{ Years } \\ \hline & 1 & & = & & & years \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline Present Value & I & Future Value & = & \begin{tabular}{c} p (PV of a Single \\ Amount) \end{tabular} & \multicolumn{2}{|c|}{ Years } \\ \hline & 1 & & = & & & years \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started