You expect to receive $14,500 at graduation in four years. You plan on investing it at...

You expect to receive $14,500 at graduation in four years. You plan on investing it at 10 percent until you have $84,000.

How long will you wait from now? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Number of years

Expert Solution

Let time from now be t, then $14500 will be invested for t-4 years at 10% until FV = $84000

So, using FV =PV*(1+r)^t

84000 = 14500*1.1^(t-4)

=> t-4 = 18.43

So, t = 22.43 years from now

jeff jeffy answered 2 years ago

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Question

You expect to receive $14,500 at graduation in four years. You plan on investing it at...

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Expert Solution

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