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Present and future value tables of $1 at 9% are presented below. N FV $1 1 1.09000 PV $1 0.91743 FVA $1 FVAD $1 PVA
Present and future value tables of $1 at 9% are presented below. N FV $1 1 1.09000 PV $1 0.91743 FVA $1 FVAD $1 PVA $1 PVAD $1 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 $7,500 annually beginning now in order to accumulate $36,890 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
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