Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns interest at 4.5% compounded mo a. How many deposits does she need to make in order to reach
Garrett wants to accumulate at least $35,000 by depositing $1,5 month into a fund that earns interest at 4.5% compounded mo a. How many deposits does she need to make in order to reach
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Transcribed Image Text:Garrett wants to accumulate at least $35,000 by depositing $1,500 at the end of each
month into a fund that earns interest at 4.5% compounded monthly.
a. How many deposits does she need to make in order to reach her goal?
Round to the next payment
b. How long will it take Garrett to reach her goal?
o year(s)
o month(s)
Express the answer in years and months, rounded to the next payment period
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