A financial institution offers a nominal interest rate of 12% while compounding its accounts quarterly. For how many years must quarterly deposits of $1,000 be made into this account so that $42,931 will be accumulated at the end of this time?

A financial institution offers a nominal interest rate of 12% while compounding its accounts quarterly. For how many years must quarterly deposits of $1,000 be made into this account so that $42,931 will be accumulated at the end of this time?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 8CE

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