Silas is about to begin regular month-end contributions of $500 to a bond fund. The fund's long-term

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Silas is about to begin regular month-end contributions of $500 to a bond fund. The fund's long-term rate of return is expected to be 3% compounded semiannually. Rounded to the next-higher month, how long will it take Silas to accumulate $250,000?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 04:57 AM

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Silas is about to begin regular month-end contributions of $500 to a bond fund. The fund's long-term

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The contributions form an ordinary simple annuity having Rounded to the next higher month it will require a total of 326 months or 32612 2716 years 27 years and 2 months to accumulate 250000 PMT 500 per month i ...View the full answer

Fundamentals Of Business Mathematics In Canada

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