Question
Abigail wants to accumulate at least $55,000 by depositing $2,100 at the end of every month into a fund that earns interest at 6.50% compounded
Abigail wants to accumulate at least $55,000 by depositing $2,100 at the end of every month into a fund that earns interest at 6.50% compounded monthly.
a. How many deposits does he need to make to reach his goal?
Round to the next payment
b. How long will it take Abigail to reach his goal?
years
months
Express the answer in years and months, rounded to the next payment period
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
