Question

**Show the work with formulas step by step
please.**

- How many years will it take for $100,000 to grow to $500,000 if it is invested at an annual interest rate of 9.15%? Round to the nearest 0.01.

- You are told that if you invest $5,000 per year for 35 years you will have accumulated $1,000,000. What is the annual rate of return on the latter investment? Round to the nearest 0.01%.

Answer #1

a.We use the formula:

A=P(1+r/100)^n

where

A=future value

P=present value

r=rate of interest

n=time period.

500,000=100,000*(1.0915)^n

(500,000/100,000)=(1.0915)^n

Taking log on both sides;

log 5=n*log (1.0915)

n=log 5/log (1.0915)

**=18.38 years(Approx)**

b.Putting into financial calculator;

FV=1,000,000

N(time period)=35

Annuity payment(PMT)=$5000

Solving for I/Y;we get;

**I/Y=annual rate of return=8.67%(Approx)**

Show the work with formulas.
- How many years will it take for $100,000 to grow to $500,000
if it is invested at an annual interest rate of 9.15%? Round to the
nearest 0.01.
- You are told that if you invest $5,000 per year for 35 years
you will have accumulated $1,000,000. What is the annual rate of
return on the latter investment? Round to the nearest 0.01%.

- How many years will it take for $100,000 to grow to $500,000
if it is invested at an annual interest rate of 9.15%? Round to the
nearest 0.01.
- You are told that if you invest $5,000 per year for 35 years
you will have accumulated $1,000,000. What is the annual rate of
return on the latter investment? Round to the nearest 0.01%.

Please show your work. If you don't show your work, you
will not get credit. You can put the number next to the function in
your submission. For example, FV = 150,000, PV = 250,000, i = 10%,
and n = 5. Questions, let me know. If you do not show your work, no
credit.
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