Assume you plan to start an annuity plan by making your first deposit now. If you make

Question:

Assume you plan to start an plan by making your first deposit now. If you make annual deposits of a uniform amount A into the account that earns interest at a rate of 7% per year, how many years from now will it be until the value of the account is equal to 10 times the value of a single deposit?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...