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How many years does it take for an annuity of $ 1,000 to grow to $ 20,000, assuming k = 7%? a. 12.94 b. 13.02 c. 14.18

Question

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## Answers ( No )

For an annual deposit of A=$1000 (at the end of the year) at an annual interest rate of i=7% compounded yearly, the future value

where n=number of years

=>

on simplification

take logs and solve for n

years, to the nearest 0.001 year