Ten Thousand dollars is deposited into a savings account at 1.8% interest compounded monthly. How many months are required for the balance to reach $10,665.74? After how many months will the balance exceed $11,000? Do not solve by formula ONLY TVM SOLVER. I need to know which numbers to plug into the TVM solver and where.
Ten Thousand dollars is deposited into a savings account at 1.8% interest compounded monthly. How many months are required for the balance to reach $10,665.74? After how many months will the balance exceed $11,000? Do not solve by formula ONLY TVM SOLVER. I need to know which numbers to plug into the TVM solver and where.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Ten Thousand dollars is deposited into a savings account at 1.8% interest compounded monthly. How many months are required for the balance to reach $10,665.74? After how many months will the balance exceed $11,000? Do not solve by formula ONLY TVM SOLVER. I need to know which numbers to plug into the TVM solver and where.
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