How long will it take to save $15 000 by making deposits of $90 at the end

Question:

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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 04:00 AM

See More Questions

How long will it take to save $1 million if you invest $2,000 each year at 6%?
Jimmy just graduated from college with $15,000 in student loans with a 10 year amortization, credit card debt of $2,500, and he just got his dream job in another city. His car is 10 years old, it...
How long will it take $5,000 invested at 14% to double?
Fletcher Fabrication, Inc., produces three products by a joint production process. Raw materials are put into production in Department X, and at the end of processing in this department, three...
We use the t distribution for the statistical inference of the population mean when the underlying population standard deviation is not known. Under the assumption that the population is normally...
In the quality-control example of Exercise 9-29, the manager says that the probability of a type I error is too large and that it must be no larger than 0.01. (a) How does this change the rule for...
Explain how organizations build strong customer relationships and customer value through marketing.
Discuss the benefits of timely, appropriate, detailed information. How can a value be assigned to these characteristics?
A mining company is considering a new project. Because the mine has received a permit, the project would be legal; but it would cause significant harm to a nearby river. The firm could spend an...
Gorman and Morton form a partnership on May 1, 2019. Gorman contributes cash of $50,000; Morton conveys title to the following properties to the partnership: The partners agree to start their...
You are considering an investment in a technology company similar to Herjavec Group Inc. The new company, Newtech, has experienced impressive growth over the past five years, and further growth is...
In what period of time could you pay back a loan of $3000 by making monthly payments of $90 if interest is 10.5% compounded semi-annually?
How do you account for the fact that management seemed to ignore the problem of crushed turbine blades in the past, but acted upon the suggestions now?
IRIS Ratio Analysis Spreadsheet Using the information presented below, calculate the ratios requested in the IRIS ratio section. All of your answers should be in percentage-format. Note that the...
https://www.youtube.com/watch?v=jQbXao0mQ1M 1. Identify the cultural misunderstandings that occurred during Kenichi Takahashi's meeting with Rob, Ella, and Stephanie. Explain and support your...
Using what you know of groups and teams, how do you get your teams back on track with Pat? What actions do you need to take as a leader to minimize/repair the negative impact Pat's has had on the...
The demand function for a certain product is given by p = 3000 2x + 100 (0 x 10) where x (measured in units of a thousand) is the quantity demanded per week and p is the unit price in dollars. Sketch...
QUESTION 4 Dr. Martin Luther King's Speech where he proclaimed, "Free at last! Free at last!" is an example of O A. Impromptu O B. Dissolving OC. Prepared D. Reference E.Planned Speaking Wording...
Describe which parts of Figure 141 are affected by a firms adoption of a balanced scorecard approach. FIGURE 14-1 The determinants of business strategy, organizational architecture, and firm value...
What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an authoritarian society and (2) deal effectively with such confrontations...
Target Costing and Functional Analysis Many people have complained that modem computer suites offer programs with many features that users find not only confusing but also useless. (For example,...
What is the annual percentage yield (APY) for money invested at an annual rate of (A) 3.05% compounded quarterly? (B) 2.95% compounded continuously?
How long will it take $5,000 to grow to $7,000 if it is invested at 6% compounded quarterly?
How long will it take $42,000 to grow to $60,276 if it is invested at 4.25% compounded continuously?
1. Use the Excel file Asset Allocation Data to determine the following: a.Variances for the individual assets b. Standard deviations for the individual assets c.Covariances between each pair of...
Find the fixed rate on a plain vanilla interest rate swap with payments every 180 days(assume a 360-day year) for one year. The prices of Eurodollar zero coupon bonds are 0.9756(180 days) and...
ABC Company engaged in the following transaction in October 2 0 1 7 Oct 7 Sold Merchandise on credit to L Barrett $ 6 0 0 0 8 Purchased merchandise on credit from Bennett Company $ 1 2 , 0 0 0 . 9...

How long will it take to save $15 000 by making deposits of $90 at the end

Question:

Step by Step Answer:

FV 15 00000 PMT 9000 i 1 c 412 13 p 101 13 1 1003322 1 03...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions