Kevin Morales invests $14,963.72 now for a series of $2,200 annual returns beginning one year from now. Kevin will earn a return of 6% on the initial investment. How many annual payments of $2,200 will Kevin receive?

Answer= 9 years

Explanation:

Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate

14,963.72=2200[1-(1.06)^-n]0.06

14,963.72=36,666.67[1-(1.06)^-n]

1-(1.06)^-n=(14,963.72/36,666.67)

(1.06)^-n=1-(14,963.72/36,666.67)

(1/1.06)^n=0.591898545

Taking log on both sides;

n*log (1/1.06)=log 0.591898545

Hence n=log0.591898545/log (1/1.06)

=9 years.

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