when will the account be worth $ 25,000? Round to the nearest tenth.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 5TP: The following historical information is from Assisi Community Markets. Calculate the working capital...
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Apply models of situations related to business administration using linear, polynomial, exponential and logarithmic functions. Correctly use mathematical notation or terminology. Make sure to include correct mathematical procedures and provide clear and complete explanations and interpretations. Remember to express the solution in the context of the situation.

In the case that the result is decimal, you will round it to two decimal places.

If (P) dollars are invested at the end of each year in an annuity that bears interest at an annual rate (r), the amount in the account will be (A) dollars after (n) years, where:

n = log [Ar / P + 1] / log (1 + r)

If $ 5,200 is invested each year in an annuity that earns 9% annual interest, when will the account be worth $ 25,000? Round to the nearest tenth.

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