Answer:
n= 9.58 years
Explanation:
Giving the following information:
Present value= $1,071
Future value= $2,911
Interest rate= 11%
To calculate the number of years required to reach $2,091, we need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(2,911/1,071) / ln(1.11)
n= 9.58 years
