How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months) It will take year(s) and month(s).

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
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How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months).
It will take year(s) and month(s).
Transcribed Image Text:How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months). It will take year(s) and month(s).
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