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If P Dollars Are Invested at the End of Each n=log[ArP+1]log(1+r).n = \frac { \log \left[ \frac { A r } { P } + 1 \right] } { \log ( 1 + r ) } .

question 60

Multiple Choice

If P dollars are invested at the end of each year in an annuity that earns interest at an annual rate r, the amount in the account will be A dollars after n years, where n=log[ArP+1]log(1+r) .n = \frac { \log \left[ \frac { A r } { P } + 1 \right] } { \log ( 1 + r ) } . If $2,700 is invested each year in an annuity earning 15% annual interest, when will the account be
Worth $15,000?

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