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16 February, 03:34

If you invest $1,500 at the beginning of each year into an account which averages a return of 12% approximately how long will it take to accumulate $50,000 in the account?

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  1. 16 February, 07:04
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    = 31 years

    Explanation:

    A = P (1 + r) ^t

    $50,000 = $1500 (1 + 0.12) ^t

    $50,000 = $1500 (1.12) ^t

    $50,000 / $1500 = 1.12^t

    33.33 = 1.12^t

    t = 31 years
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