Suppose you deposit $1,044.00 into an account 5.00 years from today that earns 12.00%. It will be worth $1,730.00 years from today Submit Answer format: Number: Round to 2 decimal places. e

Here we will use the following formula:

FV = PV * (1 + r%)ⁿ

where, FV = Future value = $1730, PV = Present value = $1044, r = rate of interest = 12%, n= time period

now, putting theses values in the above equation, we get,

$1730 = $1044 * (1 + 12%)ⁿ

$1730 / $1044 = (1 + 0.12)ⁿ

1.657088122 = (1.12)ⁿ

(1.12)^4.46 = (1.12)ⁿ

n = 4.46

So, it will take 4.46 years for an amount of $1044 to become $1730.

Now, if we deposit $1044 after 5 years, then it will take:

5 + 4.46 = 9.46 years from today to become $1730.