SOLUTION: Find the amount of time needed for a sinking fund to reach the given accumulated amount. (Round your answer to two decimal places) $265 monthly at 5.5% to accumulate $25,000

SOLUTION: Find the amount of time needed for a sinking fund to reach the given accumulated amount. (Round your answer to two decimal places) $265 monthly at 5.5% to accumulate $25,000

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Question 1079826: Find the amount of time needed for a sinking fund to reach the given accumulated amount. (Round your answer to two decimal places)
$265 monthly at 5.5% to accumulate $25,000
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
25000=265(1+(.055)/12)^12t-1)/(055/12)
114.583=265(1+(.055)/12)^12t-1
0.423899+1=1.00458333^12t
take ln both sides
0.35934=12t ln 1.00458333
12t=78.58
t=6.548 years, or 6.55 years.

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