Question: How long will it take to save $14,500 by making deposits of $105 at the end of every month into an account earning interest at

How long will it take to save $14,500 by making deposits

How long will it take to save $14,500 by making deposits of $105 at the end of every month into an account earning interest at 10.8% compounded annually? State your answer in years and months (from 0 to 11 months). It will take year(s) and month(s) to save $14,500

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 Finance Questions!

Require answers with work shown step by step please: 1. What is the principal from which $175 can be withdrawn at the end of each month for 20 years if interest is 5% compounded quarterly? 2. What...

Question Help How long will it take to save $2357 00 by making deposits of $82.00 at the end of every six months into an account earning interest at 10% compounded semi-annually? State your answer in...

How long will it take to save $12 000 by making deposits of $115 at the end of every month into an account earning interest at 10.1% compounded semi-annually? State your answer in years and months...

Require answers with work shown step by step please: 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...

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?

Require answers with work shown step by step please: 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...

19 Name: ____________________________________ 1. Your friend has a credit card with an APR of 49.9% ! What would his finance charge be on a $500 charge for just 1 month? 2. Your friend has 2 credit...

Your mother just received a $250,000 inheritance. If she invests her money in a diversified equity portfolio returning 8 percent per year, approximately how long will it take her to become a...

Time Value of Money Kieso Intermediate Accounting 170 Must be submitted through Canvas in the form of an Excel worksheet no later than April 7,2021. Students will be assigned to groups of three or...

Cycle Specialists manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Sprinters...

Diversified companies are made up of divisions, each of which is a separate business. Large companies have divisions spread over the entire country. In such companies, most treasury functions are...

what are the protection from credit risk when cat bonds

true of false; it is acceptable to go back and decline a job after you have accepted it if you recieve an offer with your dream company

4.32 For a binomial probability distribution with P = 0.3 and n = 14, find the probability that the number of successes is equal to 7 and the probability that the number of successes is fewer than 6.

4.29 An investor is considering three strategies for a $1,000 investment. The probable returns are estimated as follows: Strategy 1: A profit of $10,000 with probability 0.15 and a loss of $1,000...

4.26 Students in a large accounting class were asked to rate the course by assigning a score of 1, 2, 3, 4, or 5 to the course. A higher score indicates that the students received greater value from...