Number of Years

Mary Cooper, Sheldons mother, who lives in east Texas, wants to help pay for her grandchilds education. How long will it take Mary to reach her goal of $245,000 if she invests $10,000 per year, earning 6 percent? Use Appendix A.3 or the Garman/Forgue companion website. Round your answer to the nearest half-year.

years

Appendix A-3 Future Value of a Series of Equal Amounts (an Annuity of $1 Paid at the End of Each Period) (Used to compute the Compounded Future Value of a Stream of Income Payments) n 1 2 1% 1.0000 2.0100 2% 1.000 2.0200 20% 1.0000 2.2000 3 4 5 3.0301 4.0604 5.1010 3.0604 4.1216 5.2040 3.6400 5.3680 7.4416 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 40 50 3% 4% 5% 6% 7% 8% 9% 10% 1.000 1.000 1.000 1.000 1.0000 1.0000 1.000 1.000 2.0300 2.0400 2.0500 2.0600 2.0700 2.0800 2.0900 2.1000 3.0909 3.1216 3.15253.1836 3.21493.2464 3.2781 3.3100 4.1836 4.2465 43101 4.3746 4.4399 4.5061 4.5731 4.64 10 5.3091 5.4163 5.5256 5.6371 5.7507 5.8666 5.9847 6.1051 6.4684 6.6330 680196.9753 7.1533 7.33597.5233 7.7156 76625789838.1420 8.3938 8.6540 8.9228 9.2004 9.4872 8,89239.2142 9.5491 9.8975 10.2598 10.6366 11.0285 11.4359 10.1591 10.5828 11.0266 11.4913 11.9780 12.4876 13.0210 13.5795 11.4639 12.0061 12.5779 13.1808 13.8164 14.4866 15.1929 15.9374 12.8078 13.4864 14.2058 14.9716 15.7836 16.6455 17.5603 18.5312 14.1920 15.0258 15.9171 16 8699 17.8885 18.9771 20.1407 21.3843 15.6178 16.6268 17.7130 18.8821 20.1406 21.4953 22.9534 24.5227 17.0863 18.2919 19.5986 21.0151 22.5505 24.2149 26.0192 27.9750 18.5989 20.0236 21.5786 23.2760 25.1290 27.1521 29.36093 1.7725 20.1569 21.8245 23.6575 25.6725 27 B881 30.3243 33.0034 35.9497 21.7616 23.6975 25.8404 28.2129 300402 33.7502 36.9737 40.5447 23.4144 25.6454 28.1324 30.9057 339990 37.4502 41.3013 45.5992 25.116927.6712 30.5390 33.760037.3790 41.4463 46.0185 51.1591 26.8704 29.7781 33,0660 36.7856 40.9955 45.7620 51.1601 57.2750 286765 319692 35.7193 390927 44.8652 50.4229 56.7645 64.0025 52 43.3923 49.0057 55.4568 62.8733 7 1.4027 32.452936.6179 41 4305 46.995853.4361 60.8933 69.5319 79.5430 3 44265 39.0826 44.5020 50.8156 58.1767 66.7648 76.7898 88.4973 36.459341.6459 47.7271 54.8645 98.3471 6.1520 6.3081 7.2135 74343 8.2857 8.5830 9.3685 9.7546 10.4622 10.9497 11.5668 12.1687 12.6825 13.4121 13.8093 14.6803 14.9474 15.9739 16.0969 17.2934 17.2579 18.6393 18.4304 20.0121 19.6147 21.4123 20.8 109 228406 22.0190 242974 23.2392 25.7833 24.4716 27.2990 25.7163 288450 26.9735 30.4219 28.2432 32.0303 29.5256 33.6709 30.8209 353443 32.1291 37.0512 33.4504 38.7922 34.7849 40.5681 48.8864 60.4020 64.4632 84.5794 54.8409 11% 12% 1.0000 10000 21100 2.1200 3.3421 33744 4.7097 4.7793 6.2278 63528 7.9129 8.1152 9.7833100890 11.8594 12 2997 14.1640 14.7757 16.7220 175487 19.5614 206546 22.7132 24.1331 26.2116 28.0291 30.0949 32.3926 34.4054 37.2797 39.1899 4 2.7533 44.5008 48.8837 50.3959 5 5.7497 56.9395 63.4397 64.2028 72.0524 72.2651 816987 81.2143 92 5026 91.14791046029 102.1741 18.1552 114.4133 133 3339 13% 14% 15% 1.000 1.000 1.000 2.1300 2.1400 2.1500 3.4069 3.4396 3.4725 4.8498 4.9211 4.9934 6.4803 6.6101 6.7424 8.3227 8.5355 8.7537 10.4047 10.7305 11.0668 12.7573 13.2328 13.7268 15.4157 16.0853 16.7858 18.4197 19 3373 20.3037 21.8143 23.0445 2 4.3493 25.6502 27.2707 29.0017 29.9847 32.0887 34.3519 34.8827 37.5811 40.5047 40.4175 43.8424 47.5804 46.6717 50.9804 55.7175 53.7391 59.1176 65.0751 61.7251 68.39417 5.8364 70.7494 78.9692 88.2118 80.9468 91.0249102.4436 92.4699104.7684 118.8101 105.4910 120.4360 137.6316 120.2048 138.2970 159.2764 136 8315 158.6586 184.1678 155.6196 181.8708 212.7930 176.8501 208. 3327 245.7120 2008406 238.4993 283.5688 227.9499272.8892 327.1041 258.5834 312.0937 377.1697 293.1992 356.7858 434.7451 1013.704 1342.0251779.090 3459.507 4994.522 7217.714 16% 1.000 2.1600 3.5056 5.0665 6.8771 8.9775 11.4139 14.2401 17.5185 21.3215 25.7329 30.8502 36.7862 43.6720 51.6595 60.9250 71.6730 84.1407 98.6032 115.3797 134.8405 157.4150 183.60 14 213.9776 249.2140 290.0883 337.5024 392.5027 456.3032 530.3117 2360.757 10435.65 17% 18% 19% 1.0000 1.0000 1.000 2.1700 2.1800 2.1900 3.5389 35724 3.6061 5.1405 52154 5.2913 7.0144 7.1542 7.2966 9.2068 9.4420 9.6830 11.7720 12.1415 12.5227 14.7733 153270 15.9020 18.2847 19.0859 19.9234 22.3931 235213 247089 27.1999 28.7551 304035 32.8239 34.9311 37.1802 39.4040 42 2187 45.2445 47.1027 50 B180 56.1101 60.9653 66.2607 66.6488 72.9390 79.8502 78.9791 87.0680 96.0217 93.4056 103.7403 115.2659 110 2846 123.4135 138.1664 130.0329 146.6280 165.4180 153.1385 1740210 197.8474 180.1721 206 344 236.4384 211.8013 244 4868 282.3618 248.8075 289.4945 3370105 292.1048 342 6035 4020424 3 42.7 4052721 479 4305 402.0323 479 2211 5715223 471.3778 5664808 681.1116 552.5120 669.4474 811.5228 647.43907909479966.7121 3134.522 4163.212 5529.829 15089.50 21813.09 3151533 9.9299 12.9159 16.4991 20.7989 25.9587 32.1504 39.5805 48.4966 59.1959 72.0351 87.4421 105.9306 128.1167 154.7400 186.6880 225.0256 271.0307 326.2368 392.4842 471.9811 567.3773 681.8527 819.2233 984.0679 1181.882 7343.856 4 5497.17 5530 443117 51.1135 59. 1564 68.6765 79.9544 40.7096 47.0842 54.6691 63.7058 74.4838 87.3508 42.9309 49.9676 58.4026 68.5281 80.6977 95.3388 45.2188 52.9663 62.3227 73.6398 87.3465 103.9659 47.575456.084966.438979.058294.4608 113.2832 75.401395.0255 120.7998 154.7620 199.6351 259.0565 112.799 152.6671 2093480 2903359 406.5289573.7701 93.3240 109.1818 127.9988 1503339 102.7231 121.0999 143.0786 169 3740 112.9682 134.2099 159.8173 1906989 124.1354148.6309 178.3972 214.5827 136.3075164.4940 199.02092413327 337.8824 442.5925581.8260 767.0914 815.0834 1163.908 1668.771 2400.018