Answer:
7 years
Explanation:
The computation of the number of years required for $880,000 is shown below:
We have to equate the future value and the present value. Like shown below:
Future value = Present value
$880,000 = $548,020 × 1.07^n
$880,000 ÷ $548,020 = 1.07^n
1.6058 = 1.07^n
As going through the future value interest table the number of years would it take is 7 years at 7% the factor is 1.6058
Therefore the 7 years is the answer
