How many years will it take for a uniform annual deposit of size A to accumulate to 10 times the size of a single deposit at a rate of return of 10% per year?
What will be an ideal response?
10A = A(F/A,10%,n)
(F/A,10%,n) = 10.000
From 10% factor table, n is between 7 and 8 years; therefore, n = 8 years
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