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

question 39

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 $12 \%$ annual interest, when will the account be worth $\$ 30,000$ ?

• A) \(\quad 11.5\) years
• B) \(\quad 2.8\) years
• C) \(\quad 2.9\) years
• D) \(\quad 7.7\) years
• E) \(\quad 17.7\) years

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Definitions:

Spectral Sensitivity

The responsiveness of a sensory system to various wavelengths of light, often used in describing visual perception.

Rod Vision

Rod vision refers to the aspect of vision that allows living organisms to see in low light conditions, enabled by rod cells in the retina that are more light-sensitive than cone cells.

Brightness Contrast

The difference in light intensity which makes an object distinguishable from others or from its background.

Mach Bands

An optical illusion in which the contrast between edges where two different shades meet appears exaggerated.