Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 02, 2024

If Sam deposits $723 each month to his retirement account at a fixed interest rate of 4.12%, how long will it take his funds to

If Sam deposits $723 each month to his retirement account at a fixed interest rate of 4.12%, how long will it take his funds to reach $187,980?

A. 22 years and 5 months

B. 20 years and 2 months

C. 15 years and 6 months

D. 10 years and 2 months

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

Dividend Investing

Authors: John Swing

1st Edition

1700003968, 978-1700003966

More Books

Students also viewed these Finance questions

Question

★★★★★

Identify each substituent in the following compound as axial or equatorial, and tell whether the conformation shown is the more stable or less stable chair form (yellow green ? CI):

Answered: 1 week ago

Question

★★★★★

Voltage droop control is a technique in which loads are driven at lower voltages than those provided by the source. In general, the voltage is decreased as current demand increases in the load. The...

Answered: 1 week ago

Question

★★★★★

Know how to choose which products to produce when there are capacity constraints

Answered: 1 week ago

Question

★★★★★

Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving parts, moving parts, and setting up equipment. The activities, the activity drivers, the standard...

Answered: 1 week ago

Question

★★★★★

If Sam deposits $723 each month to his retirement account at a fixed interest rate of 4.12%, how long will it take his funds to reach $187,980? A. 22 years and 5 months B. 20 years and 2 months C. 15...

Answered: 1 week ago

Question

★★★★★

A storm sewer is carrying snow melt containing 1 . 2 0 0 g / L of pesticide into a small stream. The stream has an occurring pesticide concentration of 2 0 mg / L . If the storm sewer flow rate is 2...

Answered: 1 week ago

Question

★★★★★

Bramble Hardware Limited reported cost of goods sold as follows. 2022 2021 Beginning inventory $27,400 $19,700 Cost of goods purchased 188,100 170,300 Cost of goods available for sale 215,500 190,000...

Answered: 1 week ago

Question

★★★★★

Bramble Ltd. holds equities securities in its portfolio and is accounting for those investments using the FV-NI method. On March 1, 2023, the company purchased 11000 shares of a publicly traded...

Answered: 1 week ago

Question

★★★★★

The following cost behavior pattern describes anticipated manufacturing overhead costs for 2019: $297,500+ $9.0/unit. During the year, 35,000 units were produced and 32,750 units were sold. Required:...

Answered: 1 week ago

Question

★★★★★

Blue Spruce Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest...

Answered: 1 week ago

Question

★★★★★

Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...

Answered: 1 week ago

Previous Question Next Question