Solve for the unknown number of years in each of the following: (Do not round intermediate calculations and round your answers to 2 decimal places, e. g., 32.16.)

Present Value Years Interest Rate Future Value
$700 8 % $1,555
2,391 6 4,150
33,705 11 391,620
33,400 18 211,820

   Present Value    Years    Interest Rate    Future Value

1.    $700                      8           10.5%               $1,555

2.   $2,391                    6            9.63%               $4,150

3.   $33,705                 11           24.98%            $391,620

4.   $33,400                 18           10.81%             $211,820

Explanation:

Use follwing formula to calculate missing values

FV = PV x (1+r)^n

1.

$1,555 = $700 x (1+r)^8

$1,555 / $700 = (1+r)^8

2.2214 = (1+r)^8

(2.2214)^1/8 = ((1+r)^8)^1/8

1.10492 = 1+r

r = 1.10492 -1

r = 0.10492

r = 10.5%

2.

$4,150 = $2,391 x (1+r)^6

$4,150 / $2,391 = (1+r)^6

1.7357 = (1+r)^6

(1.7357)^1/6 = ((1+r)^6)^1/6

1.0963 = 1+r

r = 1.0963 -1

r = 0.0963

r = 9.63%

3.

$391,620  = $33,705 x (1+r)^11

$391,620  / $33,705 = (1+r)^11

11.619 = (1+r)^11

(11.619)^1/11 = ((1+r)^11)^1/11

1.2498 = 1+r

r = 1.2498 -1

r = 0.2498

r = 24.98%

4.

$211,820  = $33,400 x (1+r)^18

$211,820  / $33,400 = (1+r)^18

6.3419 = (1+r)^11

(6.3419)^1/18 = ((1+r)^18)^1/18

1.1081 = 1+r

r = 1.1081 -1

r = 0.1081

r = 10.81%

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