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

question 69

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 $$n = \frac { \log \left[ \frac { A r } { p } + 1 \right] } { \log ( 1 + r ) }$$ If $2,600 is invested each year in an annuity earning 14% annual interest, when will the account be
Worth $30,000?

• A)2.7 years
• B)7.3 years
• C)11.5 years
• D)3.7 years
• E)16.9 years

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Definitions:

Clinical Psychologists

Professionals in psychology who assess, diagnose, and treat mental illnesses and psychological disorders through therapy.

Descriptive Research Methods

Research methods that involve observing and describing behavior without influentially altering environmental variables.

Empirical Research

A way of gaining knowledge by means of direct and indirect observation or experience, often involving systematic data collection and experimentation.

Spending Money

The act of using money to purchase goods or services or to fulfill personal needs and desires.