Question: You currently have $6,000 (Present Value) in an account that has an interest rate of 6% per year compounded quarterly (4 times per year). You

You currently have $6,000 (Present Value) in an account that has

You currently have $6,000 (Present Value) in an account that has an interest rate of 6% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $9,000 (Future Value). In how many years will you 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!

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...

1. How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 5% interest compounded monthly. 2. You currently have $7,700...

You currently have $8,100 (Present Value) in an account that has an interest rate of 4% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $12,960...

You currently have $700 (Present Value) in an account that has an interest rate of 5% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $1,120...

You currently have $ 3 , 9 0 0 ( Present Value ) in an account that has an interest rate of 4 % per year compounded quarterly ( 4 times per year ) . You want to withdraw all your money when it...

You currently have $ 3 , 5 0 0 ( Present Value ) in an account that has an interest rate of 4 % per year compounded quarterly ( 4 times per year ) . You want to withdraw all your money when it...

You currently have $9,400 (Present Value) in an account that has an interest rate of 4.5% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $14,100...

You currently have $900 (Present Value) in an account that has an interest rate of 5.5% per year compounded annually (1 times per year). You want to withdraw all your money when it reaches $2,250...

(include formula) You currently have $2,500 (Present Value) in an account that has an interest rate of 5% per year compounded monthly (12 times per year). You want to withdraw all your money when it...

You currently have $8,700 (Present Value) in an account that has an interest rate of 3% per year compounded daily (365 times per year). You want to withdraw all your money when it reaches $20,010...

AIM: Write a program to find area of triangle.(a=h*b*.5). a = area h = height b = base.

A softball field has bases that are 60 ft apart. If the catcher throws from home to 2nd, how long is the throw? Round to the nearest whole number. HOME FUN FENCE WARING TRACE HOME RUN FENCE VARES 190...

The first contentful paint ( FCP ) and first input delay ( FID ) are analytics related to

e. The supervisor prepares a duplicate deposit slip, which the bank stamps after the deposit is made to indicate the date and amount of the deposit. f The supervisor sends the stamped bank deposit...