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You invest in a couple of bank accounts. The table below shows the dollars that you initially deposit in the accounts, the interest rates that
You invest in a couple of bank accounts. The table below shows the dollars that you initially deposit in the accounts, the interest rates that the bank pays in the acounts, and the dollars that you plan to receive from the accounts. Solve for the number of years that you keep your deposits in each of the accounts until you receive the targeted dollars from the accounts. Account Years Yearly Interest Rate Present Value $ 350 2,041 33,005 32,700 11% 9 14 21 Future Value $ 1,205 3,800 388,120 201,236
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