Find the amount of time needed for the sinking fund to reach the given accumulated amount. (round your answer to two decimal places.) $295 monthly at 5.2% to accumulate $25,000.

8.82 years.

Step-by-step explanation:

Since, the monthly payment formula is,

Where, PV is the present value of the loan,

r is the rate per month,

n is number of months,

Here,

PV =  $ 25,000,

Annual rate = 5.2 % = 0.052 ⇒ Monthly rate, r =

( 1 year = 12 months )

P = $ 295,

By substituting the values,

By the graphing calculator,

We get,

Hence, the time ( in years ) =

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