You are entitled to receive the following payments. Unless stated otherwise, assume the annual compounding in each
question. Use the information below to answer the following question: Suppose as soon as you receive the third payment at year 10, you place the funds in a bank account that earns 2% interest. Which of the following comes closest to the amount of time it'll take for this account to grow to $480?
First Payment: $98 today
Second Payment: $170 to be received at the end of year 5
Third Payment: $400 to be received at the end of year 10