Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 4.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? 0 Round to the next payment b. How long will it take Jacob to reach his goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period
Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 4.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? 0 Round to the next payment b. How long will it take Jacob to reach his goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 50E
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