Suppose that $2500 is placed in a savings account at an annual rate of 4.2%, compounded monthly. Assuming that no withdrawals are made, how long will ittake for the account to grow to $4000? Do not round any intermediate computations, and round your answer to the nearest hundredth.I necessary, refer to the list.of finandial formulasO ears

Future value formula: future value = present value×1+rnwhere,r=rate of interestn= number of years

Suppose that $2500 is placed in a savings account at an annual rate of 4.2%, compounded monthly. Assuming that no withdrawals are made, how long will R take for the account to grow to $4000? Do not round any intermediate computations, and round your answer to the nearest hundredth. If necessary, refer to the list.of finandial formulas Ove years

Suppose that $2500 is placed in a savings account at an annual rate of 4.2%, compounded monthly. Assuming that no withdrawals are made, how long will R take for the account to grow to $4000? Do not round any intermediate computations, and round your answer to the nearest hundredth. If necessary, refer to the list.of finandial formulas Ove years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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