Can you please explain me this? Thanks! Lucy deposited $1200 at the end of every month into

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Can you please explain me this? Thanks!

Lucy deposited $1200 at the end of every month into a savings account at 5.62% compounded monthly. How long will it take for the balance to grow to $50000? (Express answer in years and months)

Related Book For answer-question

Macroeconomics

ISBN: 978-0138014919

12th edition

Authors: Robert J Gordon

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Posted Date: Jul 06, 2020 11:16 PM

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Can you please explain me this? Thanks! Lucy deposited $1200 at the end of every month into

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STEP 1 Total Amount 50000 P 1200 PMT 1200 r 562100 00562 decimal n 12 ... View the full answer

Macroeconomics

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