Question: How long does $3,000 have to be deposited into a saving account at the end of each month to accumulate to $360,000 if the interest

How long does $3,000 have to be deposited into a saving account at the end of each month to accumulate to $360,000 if the interest is 10.4% compounded monthly?

	A.	89.12 months
	B.	77.12 months
	C.	82.62 months
	D.	110.01 months

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Use the information below to answer questions 29 - 39. Make a table similar to examples 12 and 13 to help answer the questions. Ten persons of students at ACM are nursing students. Forty percent of...

. Shawn borrowed RM7,300 from a bank with simple interest rate of 5.6% simple interest rate per annum. Find the amount he paid to settle the loan after 38 months and the amount of interest. (4 MARKS)...

If someone could explain step by step how to do "matched problem #1 Ordinary annuity at 8.5% actually for 20 years. What is the value of an annuity at the end of 10 years if $,000 is deposited every...

Please attached file and if you help me solve with step by step solutions. Thanks! Accouting 200 Exam 3 1. Warner Company sold $4,000,000 of 6%, 10-year bonds on January 1 st, 2013, for $3,454,800....

See attachment Instead of excel formula step by stet, is it possible if you can write out the steps on paper since I don't really understand the excel formulas. Accouting 200 Exam 3 1. Warner Company...

What is meant by the term interest rate? explain what you understand by annual interest rate using an example. what are some of the factors that Influencing the rate of interest. What is a Perpetuity...

Hoyt, Inc. has estimated current year sales (in millions) for the next four quarters. Q1 $240Q2 $250 Q3 $205 Q4 $350 ? Sales for the 1st quarter next year are projected to be $230.? Accounts...

How long must one wait (to the nearest year) for an initial investment of $1,000 to triple in value if the investment earns 8% compounded annually? The attached questions needs to be answered in...

Can anyone solve the answers from the given document givenbelow? I really need help. MY FINAL LITERALLY IS KNOCKING AT THE DOOR. Name_________________________________ Student...

SOMEONE PLEASE HELP ME GIVE ALL THE ANSWERS!!!!! MY EXAM IS ON 13th MORNING! SO PLEASEEEEE!!!!! 2. An investment is expected to pay the following: C 1 = $2,300, C 2 = $2,600, C 3 = $2,900, and then...

1. A bank is paying interest at a 5% annual rate on deposits. If you invest 10,000 and the bank compounds interest daily (i.e., 365 times per year), which of the following shows how much you will...

Cyclops Company has its own research department. However, the company purchases patents from time to time. The following is a summary of transactions involving patents now owned by the company....

Towson Company prepared the tabulation below at December 31, 2017 Net Income $201,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 75,000...

When assessing risks affecting cash, Group of answer choices if a business defers preparing bank reconciliations for long periods, the value of the control is reduced and may affect the auditor's...

Heat transfer over the oven door by radiation, convection and conduction 1 1 A1F12T2 NW- 3 At the oven door given in Example 8.14, the convection coefficient on the inside surface of the door (oven...