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Question

You expect to receive $10,500 at graduation in three years. You plan on investing it at 12% until you have

$76,000.

 

How long will you wait from now? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

 

Number of years          

..........................................................

my answer is not correct and I'm not sure why

the formula I used is 

T= in( FV/PV)/in (1+r)

T= In( 76000/10500)/ in (1+.12)

= 7.238095238/1.12

= 6.462585=> 6.50 

I need to know what I did wrong..


thanks for the help

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