Hi there The formula of the future value of annuity ordinary is Fv=pmt [(1+r)^(n)-1)÷r] Solve the formula for n Fv/pmt=(1+r)^(n)-1)÷r cross multiplication (Fv/pmt)×r=(1+r)^(n)-1 (Fv/pmt)×r+1=(1+r)^(n) take the log for both sides Log ((Fv/pmt)×r+1)=n×log (1+r) Divide each side by log (1+r) N=[Log ((Fv/pmt)×r+1)]÷log (1+r) Now solve to find n
N=log((11,000÷200)×0.02+1) ÷log(1+0.02) =37.47 years round your answer to get 37 years
