Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

using an interest rate of 9% how long will it take if semiannual deposits of $500 (i.e. $500 per six month) to grow to $3,000?

using an interest rate of 9% how long will it take if semiannual deposits of $500 (i.e. $500 per six month) to grow to $3,000?

A. 3 years

B. 5.01 years

C. 2.51 years

D. 2.72 years

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

International Financial Management

Authors: Jeff Madura

3rd Edition

0314862722, 978-0314862723

More Books

Students also viewed these Finance questions