A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 4% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.) Year=

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
icon
Related questions
Question

A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 4% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.)

Year=

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer