SOLUTION: find the least number of years for which an annuity of 1000 must run in order that its amount just exceeds 16000 at 5% p.a. compound annually.

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Question 1081908: find the least number of years for which an annuity of 1000 must run in order that its amount just exceeds 16000 at 5% p.a. compound annually.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5En
16000=1000%281%2B0.05%29%5En
16=1.05%5En
n=log%28%2816%29%29%2Flog%28%281.05%29%29
Work that out for the answer.
Remember to round up.