Juan wants to invest $1,250 in an account that earns 2.34% interest, compounded monthly. How many years will it take for the account to have a value of $5,000? Variable N 1% PV PMT FV P/Y C/Y Definition of Variable number of compounding periods between the time of investment and the time of retirement annual interest rate (as a percent) principal, or present value amount of each regular payment future value, or value of the investment at maturity number of payments per year (usually the same as the number of compounding periods per year, C/Y) number of compounding periods per year Value in Juan's Situation