Paul wants to accumulate at least $35,000 by depositing $1,900 at the end of each month into a fund that earns interest at 6.5% 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 Paul to reach her goal? year(s) month(s) Express the answer in years and months, rounded to the next payment period
Paul wants to accumulate at least $35,000 by depositing $1,900 at the end of each month into a fund that earns interest at 6.5% 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 Paul to reach her goal? year(s) month(s) Express the answer in years and months, rounded to the next payment period
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 26E
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