You expect to receive $37,000 at graduation in two years. You plan on investing it at 9.5 percent until you have $172,000. How long will you wait from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.)

It will take 18 years and 339 days to reach the goal.

Explanation:

Giving the following information:

You expect to receive $37,000 at graduation in two years. You plan on investing it at 9.5 percent until you have $172,000.

First, we need to calculate the time that will take 37,000 to reach 172,000. Then, we sum up to 2 years.

To calculate the number of years, we need to use the following variation of the final value formula:

FV=PV*(1+i)^n

Isolating n:

n=[ln(FV/PV)]/ln(1+r)

n=[ln(172,000/37,000)] / ln(1.095)= 16.93 years

To be more accurate:

0.93*365= 339 days

Now, we aggregate for 2 years.

It will take 18 years and 339 days to reach the goal.

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