A principal sum of money P is invested at the end of each year in an annuity earning annual interest at a rate of r. The amount in the annuity account will be A dollars after n years, where
If $1,500 is invested each year in an annuity earning 11% annual interest, how long will it take for the account to be worth $22,000? Round the answer to the nearest tenth of the year.
A. 7.4 years
B. 9.2 years
C. 13.1 years
D. 8.3 years
E. 7.8 years
Answer: B
Mathematics
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