Question
Raymond wants to accumulate at least $35,000 by depositing $1,800 at the end of each month into a fund that earns interest at 4.75% compounded
Raymond wants to accumulate at least $35,000 by depositing $1,800 at the end of each month into a fund that earns interest at 4.75% compounded monthly.
a. How many deposits does she need to make in order to reach her goal?
b. How long will it take Raymond to reach her goal?
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Financial Economics
Authors: Zvi Bodie, Robert C Merton, David Cleeton
2nd Edition
0558785751, 9780558785758
