Question: How long will it take to save $16,500 by making deposits of $85 at the end of every month into an account earning interest at

How long will it take to save $16,500 by making deposits of $85 at the end of every month into an account earning interest at 3.4% compounded

semi-annually? State your answer in years and months (from 0 to 11 months).

It will take () year(s) and () month(s) to save $16,500.

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!

Q:

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 What is the principal from which $175 can be withdrawn at the end of each month for 20 years if interest is 5% compounded quarterly? 2.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...

Q:

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...

Q:

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...

Q:

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...

Q:

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?

Q:

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?

Q:

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...

Q:

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...

Q:

1. To finance a vacation in four years, Bernadette saves $530 at the beginning of every three months in an account paying interest at 3.92% compounded quarterly. a. What will be the balance in her...

Q:

You are to use the BAII Plus calculator. Do not use formulas. QUESTION 1 How much money must be invested today if you are able to withdraw $580 payments at the end of each year for 9 years? The...

Q:

Describe the trading position created in which a call option is bought with strike price K1 and a put option is sold with strike price K2 when both have the same time to maturity and K2 > K1. What...

Q:

Suzuka Ito opened a massage practice titled Suzuka Ito Health, Inc. During March, the first month of operations, the business experienced the following events: Mar 2 Ito bought $65,000 of stock in...

Q:

under the declining balance method, total depreciation over the life of an asset equals the

Q:

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...