Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You currently have $ 6 , 2 0 0 ( Present Value ) in an account that has an interest rate of 3 . 5

You currently have $6,200(Present Value) in an account that has an interest rate of 3.5% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches $9,300(Future Value). In how many years will you be able to withdraw all your money?
The number of years is
Round your answer to 1 decimal place.
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Entrepreneurial Finance

Authors: J . chris leach, Ronald w. melicher

4th edition

538478152, 978-0538478151

More Books

Students also viewed these Finance questions

Question

What is combined with the host name to form a node's FQDN ?

Answered: 1 week ago