Solve the problem.If $1000 is invested at the end of each year in an annuity that pays 8%, compounded annually, the number of years it takes for the future value to amount to $22,000 is given by
Use the change of base formula to find the number of years until the future value is $22,000, to the nearest tenth of a year.
A. 67.3 years
B. 74.4 years
C. 65.0 years
D. 72.3 years
Answer: A
Mathematics
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