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Present and future value tables of $1 at 9% are presented below. N FV $1 PV $1 FVA $1 FVAD $1 PVA $1 PVAD $1
Present and future value tables of $1 at 9% are presented below.
N | FV $1 | PV $1 | FVA $1 | FVAD $1 | PVA $1 | PVAD $1 |
1 | 1.09000 | 0.91743 | 1.0000 | 1.0900 | 0.91743 | 1.00000 |
2 | 1.18810 | 0.84168 | 2.0900 | 2.2781 | 1.75911 | 1.91743 |
3 | 1.29503 | 0.77218 | 3.2781 | 3.5731 | 2.53129 | 2.75911 |
4 | 1.41158 | 0.70843 | 4.5731 | 4.9847 | 3.23972 | 3.53129 |
5 | 1.53862 | 0.64993 | 5.9847 | 6.5233 | 3.88965 | 4.23972 |
6 | 1.67710 | 0.59627 | 7.5233 | 8.2004 | 4.48592 | 4.88965 |
You want to invest $8,300 annually beginning now in order to accumulate $29,310 for a down payment on a house. If you can invest at an interest rate of 9% compounded annually, about how many years will it take to accumulate the required amount?
rev: 04_25_2020_QC_CS-209961, 07_08_2020_QC_CS-218827
Multiple Choice
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3 years.
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5 years.
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4 years.
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6 years.
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