Question: 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

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 (Future Value). In how many years will you be able to withdraw all your money

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!

1. Suppose you want to have $800,000 for retirement in 25 years. Your account earns 6% interest. How much would you need to deposit in the account each month? 2. You deposit $2000 in an account...

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. You currently have $8,600 (Present Value) in an account that has an interest rate of 7% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches...

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 $5,800 (Present Value) in an account that has an interest rate of 4% per year compounded annually (1 times per year). You want to withdraw all your money when it reaches $8,700...

statement year. lfthe lake can sustain a maximum of4300 trout, use a logistic growth model to estimate the Suppose 125 trout are seeded into a lake. Absent constraint, their population will grow by...

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...

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...

a) The graph below shows the free-energy changes associated with each step of glucose metabolism. Describe the difference in efficiency of free-energy extraction between anaerobic and aerobic...

Number of classes: 8 Data set: Finishing times (in seconds) of all male participants ages 25 to 29 in a 5K race Construct a frequency distribution and a frequency histogram for the data set using the...

Kiko Peleh. Kiko Peleh writes a put option on Japanese yen with a strike price of $ 1 . 0 0 ) at a premium of 0 . 0 0 8 0 per yen and with an expiration date six months from now. The option is for 1...

Years ago, the travel industry was controlled by a few large travel companies that booked holidays, air tickets, bus tickets, and hotels for their customers. However, with the emergence of the...

Another employee asked what his salary would likely be after completing two additional years of service. This employee just entered his first year in Grade 4 (Step 5). If he was to demonstrate...

What factor(s) in this ethics dilemma might influence a person to make a less than ethical decision?

Define pay ranges. What is the purpose of establishing pay ranges?