Use a financial calculator to calculate the number of years it will take for X to...

Use a financial calculator to calculate the number of years it will take for X to save $50,000 assuming she can invest $1250 annually as an annuity due, and she began with $1000. The market interest rate is 8% per annum.

Solutions

Expert Solution

Given question is Annuity due. So we put calculator in BGN mode.

Reset calculator: PRESS 2ND RESET ->YES

Set calculator in BGN mode

Press 2nd PMT. -> 2nd ENTER -> 2nd CPT

Now you will see the calculator in BGN mode.

PV= -1000

PMT = -1250

FV= 50000

I/Y = 8

Now press CPT N

Hence

No of years =17.144

jeff jeffy answered 2 years ago

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