If $1000 Is Invested at the End of Each Year $t = \log 1.08^{177}$

question 177

Multiple Choice

If $1000 is invested at the end of each year in an annuity that pays 8%, compounded annually, the number of years it takes for the future value to amount to $22,000 is given by $t = \log 1.08^{177}$ Use the change of base
Formula to find the number of years until the future value is $22,000, to the nearest tenth of a year.

• A) 67.3 years
• B) 72.3 years
• C) 65.0 years
• D) 74.4 years

Understand the concept of pattern recognition and its role in identifying business opportunities.

Learn the significance of prior knowledge and alertness in the entrepreneurial process.

Appreciate the complexity of value creation and its foundational assumptions in business.

Analyze the role of imagination and unconventional thinking in problem-solving and creativity.

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A region consisting of the Caribbean Sea, its islands, and the surrounding coasts, known for its diverse ecosystem.

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The thick, granitic, and less dense part of the Earth's crust that forms the continents and continental shelves.