Question
Peachtree state bank is offering a savings deposits account with a stated nominal interest rate of 5.4% per annum. Interest is paid quarterly. Morris Smith
Peachtree state bank is offering a savings deposits account with a stated nominal interest rate of 5.4% per annum. Interest is paid quarterly. Morris Smith plans to deposit $10,000 into the account today and wants to accumulate $30,000 in the account. How many years will it take to accumulate $30,000 in the account? State your answer in two decimal places.
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Financial Management Theory And Practice
Authors: Eugene Brigham, Michael Ehrhardt, Jerome Gessaroli, Richard Nason
3rd Canadian Edition
017658305X, 978-0176583057
