You have $602.42 today.You want to accumulate $1,320 by investing your money.You have identified an investment that will generate a return of 4% per annum.How long will you have to invest (in years)in order to accumulate your desired total?
A) 20 years
B) 17 years
C) 19 years
D) 21 years
E) 22 years

Question

Quizplus · Accepted Answer

Using a financial calculator:
I/Y = 4%, PV = -602.42, PMT = 0, FV = 1,320, cpt N = 20 years

You Have $602