Dennis won $96,000 in a lottery. He decided to deposit the money into an account that pays
Question:
Dennis won $96,000 in a lottery. He decided to deposit the money into an account that pays 1.8% interest, compounded monthly. When the balance reaches $120,000, he plans to buy a beach cottage. How long will it take before he can make that withdrawal?
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Step by Step Answer:
Here we will use the formula APert A120000P96000r180018 and t12n So we have 12...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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