Answer:
54.7678 years or 54 years 9 month (approx)
Explanation:
Given:
Amount received From college = $4,000
Annual interest rate = 5% (compound)
Future amonut after investment = $50,000
Number of year's from Now = ?
Calculation:
[tex]Amount = P(1+r)^n\\50,000 = 4,000 (1 + 0.05)^n\\50,000 / 4,000 = (1.05)^n\\12.5 = (1.05)^n\\n = 51.7678[/tex]
Invested number of year = 51.7678
Total number of year from now = 3 + Invested number of year
= 54.7678 years or 54 years 9 month (approx)
