MTH 120 Finance Worksheet 2 Nume 1. Future Value Annuity: How long will it take Dot Snice to accumulate $1,000,000 if she invests 53.000 per year at an annual interest rate of 8%? Assume interest is compounded annually. N- 196- PV PE) PMT- FV FV = PMT 1000000 - 3000 PY .08 CY PMT: END BEGIN 08 () Now complete the two tables below by finding the number of years it would take to accumulate $1,000,000. In the first table, the annual payment varies. In the second table the interest rate varies PMT tm08-FV 1.000.000 Im - PMT2000FV 1,000,000) 600 01 1200 OS 3000 .08 7200 09 12000 .13 15000 20 (b) Does the payment amount have a significant impact on the years to reach $1,000,000? Explain. (c) Does the annual interest rate have a significant impact on the years to reach $1.000.000? Explain