FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I make an initial deposit of $100,000 and then deposit $20,000 per quarter into a savings account quoting an interest rate (APR) of 1.5% compounded

image text in transcribed
I make an initial deposit of $100,000 and then deposit $20,000 per quarter into a savings account quoting an interest rate (APR) of 1.5% compounded monthly. My goal is to withdraw $1,000,000 in the future. How many years should I keep depositing? Please leave your answer with one decimal point (e.g., 50.1 years)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Introduction To Financial Technology

Introduction To Financial Technology

Authors: Roy S. Freedman

1st Edition

0123704782, 9780123704788

More Books

Students also viewed these Finance questions

Question

★★★★★
A 2-m-long center-fed dipole antenna operates in the AM broadcast band at 1 MHz. The dipole is made of copper wire with a radius of 1 mm. (a) Determine the radiation efficiency of the antenna. (b)...

Answered: 1 week ago

Question

★★★★★
Describe and explain the personal risk management process and its seven steps.

Answered: 1 week ago

Question

★★★★★
A satisfactory level of PSC is a score of 41 or above. A lower score signifies higher risk for depression and job strain (Dollard et al., 2012).

Answered: 1 week ago

Question

★★★★★
Your supervising attorney recalls that there was a 1989 Arkansas case in which a county court judge was convicted in federal court of vote buying. After the United States Court of Appeals denied the...

Answered: 1 week ago

Question

★★★★★
Chapter 10: During 2018, Scott Howell received a salary of $200,000. The social security base amount for 2018 was $128,400. How much payroll tax should have been withheld from Scott's salary for...

Answered: 1 week ago

Question

★★★★★
Stephen Weiss Prompt 2 posted 8 months ago (last edited 1month ag FIFO, weighted-average, and LIFO methods are often usedinstead of specific identification for inventory valuationpurposes. Compare 2...

Answered: 1 week ago

Question

★★★★★
You've been hired as an organizational behavior consultant. An organization is grappling with an environment that has n ineffective culture. Growth is stagnant or declining. People are leaving their...

Answered: 1 week ago

Question

★★★★★
a. Government declares a compulsory festival bonus of 10000/- to all workers working in the country. Explain the likely impact on the demand for refrigerators in the country?

Answered: 1 week ago

Question

★★★★★
Imagining that you are a human resources manager, write a email to all those who report to you informing them that late arrivals, long lunches, and overly casual workplace clothes and behavior will...

Answered: 1 week ago

Question

★★★★★
1.Charles earns an annual salary of $72,100 paid biweekly based on a regular workweek of 36.25 hours. His company generously pays all overtime at twice his regular wage. If Charles worked 85.5 hours...

Answered: 1 week ago

Question

★★★★★
16. [1] Suppose a system has only one bottleneck and it requires setup time between batches. To increase the effective capacity of the system you could: (a) increase the batch size. (b) decrease the...

Answered: 1 week ago

Question

★★★★★
=+3. Who can provide information for evaluation?

Answered: 1 week ago

Question

★★★★★
=+1. When can this information be obtained: after-only study or before-after study?

Answered: 1 week ago

Question

★★★★★
=+ Content analysis of representative artifacts. Which artifacts? Readership study Media tracking

Answered: 1 week ago

Previous Question Next Question