Relate& to Checkpoint .5) (Solving for n) Jack asked must buy her a new $320,000
ID: 2819514 • Letter: R
Question
Relate& to Checkpoint .5) (Solving for n) Jack asked must buy her a new $320,000 Rolls-Royce Phantom. Jack currently has $13,770 that he may invest He has found a mutual fund with an expected annual return of 7.5 percent in which he will place the money. How long will itake Jack to win Jill's hand in marriage? Ignore taxes and inflation 5.3)(Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack The number of years it will take for Jack to win Jil's hand in mariage isyears (Round to one decimal place)Explanation / Answer
Future Value $320,000 Present Value $13,770 Interest 7.50% PV = FV*(1/1.075^n) 13770 = 320000*(1/(1.075^n) Or Using NPER function in excel we get 43.4983394 The number of years it will take for Jack to win Jill's hand in marriage is 43.5 years