Explanation Given information: The deposit in the savings account is $ 5000 per year. The interest rate is 10 % compounded continuously and the future value is $ 140000 . Formula used: The future value of a continuous stream of K dollar per year for N years at interest rate r compounded continuously is calculated as P N = K r e r N − 1 . Calculation: The savings amount is $ 5000 per year. Therefore, the value of K = 5000 . The interest rate is 10 % . Therefore, r = 10 % , i.e. r = 0.1 . The future value is $ 140000 . Therefore, P N = 140000 Substitute 5000 for K , 0.1 for r , 140000 for P N in the equation P N = K r e r N − 1 and simplify to calculate the value of N

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Chapter 5.4, Problem 18E

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To Calculate: The required number of years.

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The required number of years.

Solution Summary: The author calculates the required number of years. The deposit in the savings account is 5000 per year.

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To Calculate: The required number of years.

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