Question

You expect to receive $10,000 at graduation in two years. You plan on investing it at 11% until you have $75,000. How long will you wait from now?

Answer 1

Answer:

about 19.31 years

Step-by-step explanation:

$10000( {1.11}^{x} ) = 75000$

${1.11}^{x} = 7.5$

$x ln(1.11) = ln(7.5)$

$x = \frac{ ln(7.5) }{ ln(1.11) } = 19.31$