Question
Joshua wants to accumulate at least $60,000 by depositing $900 at the end of every month into a fund that earns interest at 5.75% compounded
Joshua wants to accumulate at least $60,000 by depositing $900 at the end of every month into a fund that earns interest at 5.75% 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 Joshua to reach his goal?
years
months
Express the answer in years and months, rounded to the next payment period
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Gapenskis Understanding Healthcare Financial Management
Authors: George H. Pink, Paula H. Song
8th Edition
1640551093, 978-1640551091
