Jim receives $15,000 each year from his grandma for his birthday - never more, never less. If he starts to invest this gift each year in an account that earns 8% annual interest, calculate how many years will it take him to grow this account to $250,000?

Answer rating: 100% (QA)

Solution The formula to calculate the future value of an investment is FV PV1 rt Where FV Future Val... View the full answer