[Solved] Each month you deposit $250 into an accou

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 14, 2024

Each month you deposit $250 into an account that earns 4.5% interest. How many years will it take to save $20,000? A. 6.65 years B.

Each month you deposit $250 into an account that earns 4.5% interest. How many years will it take to save $20,000? A. 6.65 years B. 69.6 years C. 34.67 years O D.5.84 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Intelligence For IT Professionals

Authors: Julie Bonner

1st Edition

ISBN: 103215294X, 9781032152943

More Books

Students also viewed these Finance questions

Question

★★★★★

The AICPA has issued several Audit and Accounting Guides for specialized industries. Do auditors have a responsibility to refer to these guides when auditing clients in those industries? Do these...

Answered: 1 week ago

Question

★★★★★

3 [30 MARKS | 45 MINUTES] Ratanang Projects (hereafter 'Ratanang') is a South African company originally founded in 1994 by, Mrs Matsile. Ratanang has a 30 April financial year end. Ratanangs...

Answered: 1 week ago

Question

★★★★★

If X, X2,...,X, are independent and identically distributed exponential random variables with parameter A, show that " X, has a gamma distri- bution with parameters (n, ) That is, show that the...

Answered: 1 week ago

Question

★★★★★

A beginning accounting student tried to complete a work sheet for Dick Ady's Bookkeeping Service. The following adjusting entries were to have been analyzed and entered in the work sheet: (a) Ending...

Answered: 1 week ago

Question

★★★★★

The get function reads

Answered: 1 week ago

Question

★★★★★

Doc Inc. just paid an annual dividend of $2.00 last week and is currently selling for $25 per share. Its dividends are expected to increase by 6% annually. Based on the riskiness of Doc Incs stock,...

Answered: 1 week ago

Question

★★★★★

At this stage of the PLC , the brand manager is likely to cut back on advertising a bit and increase sales promotions, though ultimately would, most likely, lower prices: introduction early growth...

Answered: 1 week ago

Question

★★★★★

Over the next seven years a well - to - do relative has promised to give you $ 2 , 2 5 0 every month. The first payment is received one - month from today. Assume the relevant interest rate is equal...

Answered: 1 week ago

Question

★★★★★

According to the announcement, from the Covid hearing in the European parliament, Pfizer stated that the vaccine had never been tested on stopping the transmission of the virus, this removes the...

Answered: 1 week ago

Question

★★★★★

Create a circuit that has 7 input bits IN0 to IN6, that drive one seven segment display in the order indicated below. Find out to which values the 7 input bits need to be set to get the decimal...

Answered: 1 week ago

Question

★★★★★

You know the following concerning a common stock: EPS$3.00 Payout ratio25% P/E10 Annual ROR6% of earnings and div 1) If you want to earn 10% percent, should you buy this stock? 2) What is the maximum...

Answered: 1 week ago

Question

★★★★★

Identify the various performance criteria (standards) that can be established.

Answered: 1 week ago

Question

★★★★★

Explain the use of the employment interview.

Answered: 1 week ago

Question

★★★★★

Identify environmental factors that affect the selection process.

Answered: 1 week ago

Previous Question Next Question