Question: How long will it take to save $ 17000 by making deposits of $ 85 at the end of every month into an account earning

How long will it take to save $17000

by making deposits of $85

at the end of every month into an account earning interest at

7.5% compounded annually

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

It will take

year(s) and

month(s) to save

17,000.

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:

Kindly assist me ASAP Question 2 a. What payment, made at the end of each three months for 14 years, will accumulate to $14,500 at 11% compounded semi-annually? (Round the final answer to the nearest...

Q:

Kindly assist me ASAP How long will it take to save $17,000 by making deposits of $85 at the end of every month into an account earning interest at 9.1% compounded semi-annually? State your answer in...

Q:

Kindly assist me ASAP b. Neena wants to accumulate $18,000 in a fund earning 3.6% compounded semi-annually. How much must she deposit at the end of each year for eight years? (Round the final answer...

Q:

Homework: Assignment 8 (Ch. 12 & 13) Save Score: 0 of 2 pts 4 of 11 (0 complete) HW Score: 0%, 0 of 20 pts 12.4.2 Question Help How long will it take to save $16,000 by making deposits of $85 at the...

Q:

How long will it take to save $13,000 by making deposits of $85 at the end of every month into an account earning interest at 9.8% compounded quarterly? State your answer in years and months (from 0...

Q:

Number 27 How long will it take to save $15,000 by making deposits of $85 at the end of every month into an account earning interest at 10.6% compounded annually? State your answer in years and...

Q:

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...

Q:

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...

Q:

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 7.8% compounded annually? State your answer in years and months (from 0...

Q:

How long will it take to save $17,000 by making deposits of $90 at the end of every month into an account earning interest at 10.4% compounded annually? State your answer in years and months (from 0...

Q:

What is a stock dividend? How does it differ from a stock split?

Q:

The Laura Company has the following errors on its books as of December 31, 2020. The books for 2020 have not yet been closed. a. In 2020, fully depreciated equipment (with no residual value) that...

Q:

The plane x / 4 , y / 8 , z / 3 = 1 intersects the x - , y - , and z - axes in points P , Q , R . Find the area of the triangle PQR

Q:

Gather, and analyze relevant information, then use numbers and writing to demonstrate the financial implications of your decision. No longer than two pages Buying a car Should you buy or lease a car?...

Q:

Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January 1............................$360 Projected benefit...

Q:

Denver Cabinets Company (DCC) produces and sells specialty wooden cabinets. Production is machine-intensive. DCCs variable costs are direct materials, variable machining costs and sales commissions....

Q:

Write a paragraph describing the parts of a typical apartment complex where the tenants will be liable for injuries to guests.

Q:

Modify the merge sort algorithm to sort an array of strings in lexicographic order.

Q:

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Q:

What is COM?

Q:

The properties of a CallOption differ from the fields in the OptionTrades and OptionContracts tables in the Options.mdb database. The process of converting the information in an object to another...

Q:

What are common types of data corruption?