Question
17. $250 is deposited into a savings account at the end of each month.The goal is to have $12,000 in the account at the end
17. $250 is deposited into a savings account at the end of each month.The goal is to have $12,000 in
the account at the end of 40 months.What monthly rate of interest will the account have to earn in
order to accomplish the goal of $12,000 40 months hence? [4]
a. 1/4%
b. 11.50%
c. 10.93%
d. 21.5%
e. .911%
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
