Question: You currently have $4,800 (Present Value) in an account that has an interest rate of 3% per year compounded quarterly ( 4 times per year).

You currently have $4,800 (Present Value) in an account that has an interest rate of 3% per year compounded quarterly ( 4 times per year). You want to withdraw all your money when it reaches $11,520 (Future Value). In how many years will y][u be able to withdraw all your money? The number of years is Round your answer to 1 decimal place

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!