Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nikole invested $2,160 into an account that earns 3.26% interest compounded semi-annually . How long will it take (in years and days) to accumulate to

Nikole invested $2,160 into an account that earns 3.26% interest compounded semi-annually. How long will it take (in years and days) to accumulate to $8,270. (1 year = 365 days)

Days are rounded up to the next days (e.g. 17.2 days becomes 18 days). Do not enter 365 days (e.g. 7 years 365 days, must be entered as 8 years 0 days). If years is a whole number, you must enter a zero for days for the answer to be marked as correct. All answer boxes must have an entry!


Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the time it will take for 2160 to accumulate to 8270 with a 326 intere... 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

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Finance questions

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago