A local university has a goal of raising $500,000 for an escrow account. Their fund-raising committee has committed to raising $5,000 a month until they reach their goal. These funds are deposited into an interest-bearing account that earns interest at the rate of 8 percent per year compounded monthly. The first deposit is made at the end of the current month. 

How many months (aka how many deposits) can the committee expect to continue their fund-raising campaign?

Answer rating: 100% (QA)

To determine how many months the committee needs to raise funds to reach their goal we can use the f... View the full answer