How long will it take to save $15 000 by making deposits of $90 at the end

Question:

How long will it take to save $15 000 by making deposits of $90 at the end of every month into an account earning interest at 4% compounded quarterly?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 04:00 AM

See More Questions

How long will it take to save $1 million if you invest $2,000 each year at 6%?
Jimmy just graduated from college with $15,000 in student loans with a 10 year amortization, credit card debt of $2,500, and he just got his dream job in another city. His car is 10 years old, it...
How long will it take $5,000 invested at 14% to double?
Fletcher Fabrication, Inc., produces three products by a joint production process. Raw materials are put into production in Department X, and at the end of processing in this department, three...
We use the t distribution for the statistical inference of the population mean when the underlying population standard deviation is not known. Under the assumption that the population is normally...
Draw the recursion tree when n = 12, where n represents the length of the array, for the following recursive method: int sumSquares (int[] array, int first, int last) { } if (first == last) return...
Should a board member have personal liability insurance coverage?
On January 2, 2010, Quo, Inc. hired Reed as its controller. During the year, Reed, working closely with Quos president and outside accountants, made changes in accounting policies, corrected several...
In Marigold Company, the Cutting Department had beginning work in process Inventory of 4000 units, completed and transferred out 26000 units, and fiad an ending work in process inventory of 3500...
A producer operating in a perfectly competitive market has chosen his output level to maximize profit. At that output, his revenue and costs are as follows: Revenue $200 Variable costs $120 Sunk...
You are considering an investment in a technology company similar to Herjavec Group Inc. The new company, Newtech, has experienced impressive growth over the past five years, and further growth is...
In what period of time could you pay back a loan of $3000 by making monthly payments of $90 if interest is 10.5% compounded semi-annually?
Prepare a flowchart of annulment litigation in your state.
Other than FDIC-insured investments such as savings accounts and certificates of deposit (CDs), investing involves the risk of losing money. In general, the higher the risk, the higher rate of return...
Calculate all the ratios 1) Amount Change and % change from Year 2000 to Year2001 2) Current ratio, Acid Test Ratio, A/R turn-over, Avg collection period, Solvency Ratio, profit ratio for Year2001)...
Construct and solve the numerical model that solves the following 2D Laplace problem. The boundary conditions are provided by the coloured nodes. y u=x-2 u = -1 origin O a C u = y(x - 2) X
Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash Receivables Inventories Total current assets Net...
1. We note L the portfolio loss of n credit and w, the exposure at default of the i-th credit. In addition, let L(w) =we=1 Xe where the unit loss of the i-th credit. Further, let F be the cumulative...
The variables x and y satisfy the equation x n y = C, where n and C are constants. When x = 1.10, y = 5.20, and when x = 3.20, y = 1.05. i. Find the values of n and C. ii. Explain why the graph of ln...
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
What is the annual percentage yield (APY) for money invested at an annual rate of (A) 3.05% compounded quarterly? (B) 2.95% compounded continuously?
How long will it take $5,000 to grow to $7,000 if it is invested at 6% compounded quarterly?
How long will it take $42,000 to grow to $60,276 if it is invested at 4.25% compounded continuously?
Develop a simple application of two- variable linear programming problem to find an optimal product mix in a 'realistic' context. Specify the resources to be considered requirements, and the market...
According to the Google, Inc. Privacy Policy Litigation, on what date did Google announce their new universal privacy policy?
alcolm and Brianna were married on December 15, 2022. They spent the remainder of the tax year in Paris, France. Malcolm is a lifelong resident of North Carolina. Brianna was a lifelong resident of...

How long will it take to save $15 000 by making deposits of $90 at the end

Question:

Step by Step Answer:

FV 15 00000 PMT 9000 i 1 c 412 13 p 101 13 1 1003322 1 03...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions