Take a Test -lan Sexton-Mozilla Firefow urse.htming : //www.mathxl.com/Student/P

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Take a Test -lan Sexton-Mozilla Firefow urse.htming : //www.mathxl.com/Student/PlayerTest aspxttestid 1597 yes a pop up FSC MTH107-101-Fal2017 Time Remaining Test: Module 3 Examination This This Question: 10 pts 301 10 (0 complete) Suppose a woman has decided to retire as soon as she has saved $700,000 Her plan is toput $300 each month rto an renay anuty that pays an annal rterest rate of 37% n how many years will she be able to retire? She wil be able to retrer appromatetyyears (Round the fral ansower to the nearest year as needed Round all ntemedaie vakues to six decimal places as needed) Enter your anower in the answer box

Explanation / Answer

No. of months can be calculated using N function on a calculator

Insert I/Y = 3.7%/12, PMT = 300, PV = 0, FV = -700,000

=> Compute N = 683.25 months

No. of years = 683.25 / 12 = 56.94 years

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